GLP, a Singapore-headquartered logistics investor, is aiming for a valuation of roughly $20 billion in a planned initial public offering in Hong Kong that could happen as early as this year, two people familiar with the matter said.
Those people said GLP has held discussions with financial advisers including Citi and Morgan Stanley, a detail confirmed by one of the sources and by a third separate person with knowledge of the talks. The same people said the planned offering's size and the timetable for listing have not been finalised.
Under Hong Kong Stock Exchange guidelines, large-capitalisation companies typically float at least 15% of their shares in an initial public offering, a provision the parties involved are aware of and which may be relevant as GLP develops its proposals. The individuals who provided the information asked not to be named because the details are private. GLP, Citi and Morgan Stanley declined to comment.
If the deal proceeds, it would add a notable name to a revived Hong Kong equity capital market that continues to draw significant primary issuance. The city's IPO pipeline remains dominated by companies based in mainland China, yet Hong Kong ranked first globally for IPO fundraising last year and entered 2026 with what market data show is a robust pipeline. The market has recorded its strongest start since 2021, with about $5.5 billion raised in IPOs and second listings in January, according to data from HKEX and LSEG.
A Hong Kong listing would represent GLP's re-entry to public markets. The company was taken private from the Singapore Exchange in 2017 in a S$16 billion transaction - equivalent to about $12.6 billion - led by a group of investors backed by GLP's chief executive Ming Mei. Among the investors participating in that take-private were Hopu Investment, Hillhouse, Bank of China's investment arm and Ping An Insurance Group.
GLP characterises itself on its corporate website as a global thematic investor and business builder with a focus on logistics real estate, digital infrastructure, renewable energy and related technologies. The firm reports managing more than $80 billion in assets under management across real assets and private equity.
In recent seasons GLP has pursued steps to bolster its capital position and reshape parts of its business. In August, a wholly owned subsidiary of the Abu Dhabi Investment Authority agreed to make an investment of up to $1.5 billion in GLP. And in March 2025 the company completed the sale of GCP International to Ares Management, in a transaction that included $3.7 billion upfront with a potential additional earn-out of up to $1.5 billion.
The exchanges between GLP and its advisers, and the company's recent financing and asset-disposal moves, show activities underway as it considers a return to listed markets. The timing and final structure of any offering remain unresolved and will depend on decisions yet to be taken by the company and its advisers.
($1 = 1.2728 Singapore dollars)