Global Logistic Properties Ltd., the overseas logistics unit of Government of Singapore Investment Corp., plans to raise S$3.45 billion in the largest public offering in Singapore since 1993, according to sources.
Shares in Global Logistics were valued at S$1.96 per share, the top end of a range offered to investors, said three people who refused to be named.
The company, which announced in September that it would offer 1.76 billion shares, intends to use S$1.5 billion of the proceeds for the expansion in Japan and China, and approximately S$600 million to pay down current shareholder loans. There is also an over-allotment option to expand the sale by 234.7 million shares.
Global Logistic, headed by Executive Director and Deputy Chairman Jeffrey Schwartz, owns, manages and leases 296 properties in 122 integrated parks. Its network is spread throughout 25 key cities in Japan and China, according to its prospectus.
The IPO is arranged by a group of investment banks headed by Citigroup Inc and JPMorgan Chase & Co.