Deliberations are still ongoing and details of the offering including timing as well as size could change, said the people. A representative for IndoSpace couldn’t immediately respond to a request for comment.
The Indian developer will be joining Thai Beverage’s beverage brewery unit and Mapletree Investment's student housing REIT in considering a listing in Singapore. The city-state hosted six IPOs totalling US$332 million so far this year, including three spacs, up from US$224 million in the same period in 2021, according to data compiled by Bloomberg.
Founded in 2007, IndoSpace has invested more than US$3 billion in 44 industrial and logistics parks in India spreading across 49 million square feet, according to its website. Apart from GLP, the company’s other shareholders include private equity firm Everstone Group and US real estate group Realterm Global LLC.
In 2015, IndoSpace had explored listing an industrial real estate investment trust, Bloomberg News reported at the time.
