GLP's Singapore flotation raises US$2.6 million

GLOBAL LOGISTIC PROPERTIES (GLP) has raised S$3.45 billion (US$2.6 billion) in what has turned out to be Singapore's largest initial public offering in 17 years.

The company, which priced its initial public offering at S$1.96 a share, is a unit of the Government of Singapore Investment Corp (GIC), and is run by Jeffrey Schwartz, who is deputy chairman of GLP and a co-founder and former CEO of warehouse developer ProLogis, reports London's International Freighting Weekly.

The report said that Mr Schwartz's "involvement is thought to have prompted a much stronger demand from US-based investors than is common for Asian IPOs. However, the majority of the demand still came from Asia."

GLP owns, manages and leases 296 properties in 120 logistics parks and two light-assembly facility parks across China and Japan. Its international customers include Wal-Mart, DHL, FedEx, UPS, Joyo Amazon, Sony and Panasonic.
(Source:www.schednet.com)