GLP plans up to US$3.0 billion Hong Kong IPO in Q4 2026

Singapore-based GLP plans to raise as much as US$3.0 billion in a Hong Kong initial public offering no later than the fourth quarter, people familiar with the matter said.

The company is working with advisers on the listing, which would be one of the largest Hong Kong IPOs of the year, the people said, asking not to be identified as the information is private. A representative for GLP declined to comment.

GLP, formerly known as Global Logistics Properties, manages a portfolio of logistics and warehouse assets across Asia, including China, Japan and Brazil. The company was taken private in 2019 in a deal that valued it at about US$11.6 billion. GLP's assets span more than 50 markets globally, making it one of the largest logistics real estate managers in the region. The company focuses on modern logistics facilities that serve e-commerce, retail and third-party logistics providers.

The planned listing comes as Hong Kong's IPO market shows signs of recovery after a prolonged downturn. Deal volume on the exchange has picked up in 2026, with several large listings drawing strong investor demand. A US$3.0 billion GLP deal would rank among the largest Hong Kong IPOs in recent years, rivaling the scale of major listings in the logistics sector. The pricing would give GLP a valuation that will be closely watched against listed peers such as ESR Group and Goodman Group, which trade at price-to-book ratios reflecting investor sentiment toward industrial real estate.

The IPO would test investor appetite for logistics real estate assets, which have benefited from the growth of e-commerce and supply chain diversification across Asia. GLP's listing on the Hong Kong exchange's Main Board would also provide a liquidity event for its backers, who have held the company since the 2019 take-private. The deal structure, including any cornerstone investor commitments and the final offer price range, will be key indicators of institutional demand.

The company has not yet disclosed the offer price range, cornerstone investors or use of proceeds. Further details are expected as the listing process progresses toward the fourth-quarter timeline. A successful listing would provide a boost to Hong Kong's capital markets and signal confidence in the exchange's ability to attract large cross-border listings.

This article is for informational purposes only and does not constitute investment advice.