The Government of Singapore Investment Corporation (GIC) is gearing up to launch the so-called second biggest initial public offering (IPO) in the country.
According to sources, GIC has added three other financial organisations to its group of underwriters for the upcoming public listing of its property and logistics unit.
Swiss bank UBS, China International Capital Corp (CICC) and Singapore’s DBS Bank will join Citigroup and JPMorgan as joint coordinators for the IPO of GIC’s Global Logistic Properties (GLP).
Citigroup and JPMorgan were reportedly appointed earlier this year.
GIC, as well as all five banks have refused to comment on the agreement, which has yet to be confirmed by the Singapore sovereign wealth fund.
Nonetheless, some industry watchers said that GLP’s IPO could raise as much as S$4 billion (US$3 billion) and if so, it would by the largest in the country since 1993, when SingTel raised US$4 billion.