GLP eyes $20 billion valuation in prospective Hong Kong IPO

Hong Kong,GLP is targeting a valuation of about $20 billion in a planned initial public offering in Hong Kong that could take place as early as this year, according to two people with knowledge of the matter.

The Singapore-based logistics investment and development company has begun discussions with advisers on the potential listing, including Citigroup and Morgan Stanley, one of the sources and a third person familiar with the matter said.

The people declined to be identified because the deliberations are private. The timing and structure of the offering remain under discussion and the IPO could also occur in 2026 or later, the sources added.

A Hong Kong flotation would mark a return to public markets for GLP, which operates logistics infrastructure and investment platforms across Asia and other regions.

The company has built a large portfolio of warehouses and logistics facilities that serve e-commerce companies, manufacturers and distribution networks, positioning itself as a major logistics real estate operator in the region.

The involvement of Citigroup and Morgan Stanley reflects early-stage preparations for the potential listing, the sources said, adding that further details such as deal size and timeline are still being evaluated.

Deliberations around the proposed IPO remain ongoing and are subject to market conditions and regulatory approvals.