Logistics firm GLP seeks $20 billion valuation in planned Hong Kong IPO, sources say

Singapore-based logistics firm GLP is targeting a valuation of around $20 billion through a potential initial public offering in Hong Kong, which could take place as early as this year, according to two people familiar with the matter.

The company has been discussing the possible listing with advisers including Citigroup and Morgan Stanley, one source and a third person with knowledge of the plans said.

However, both the size and timing of the offering have yet to be finalized.

Under the rules of the Hong Kong Exchanges and Clearing, large-cap companies typically float at least 15% of their shares in an IPO.

The sources declined to be identified as the discussions are private. GLP, Citigroup and Morgan Stanley all declined to comment.

If completed, the listing would add a major name to a revitalized equity capital market in Hong Kong, where the current IPO pipeline is largely dominated by companies from China.

After ranking first globally for IPO fundraising last year, Hong Kong entered 2026 with a strong pipeline. About $5.5 billion was raised through IPOs and secondary listings in January alone, according to data from HKEX and London Stock Exchange Group.

Return to public markets

A Hong Kong listing would mark a return to public markets for GLP, which was taken private from the Singapore Exchange in 2017 in a S$16 billion ($12.6 billion) deal led by investors backing CEO Ming Mei.

Investors involved in the privatization included Hopu Investment, Hillhouse, the investment arm of Bank of China, and Ping An Insurance.

GLP describes itself as a global thematic investor and business builder focused on logistics real estate, digital infrastructure, renewable energy and related technologies. The firm manages more than $80 billion in assets across real assets and private equity.

In recent years, GLP has sought to strengthen its capital base and reshape its business. In August, a subsidiary of the Abu Dhabi Investment Authority agreed to invest up to $1.5 billion in the company.

Earlier, in March 2025, GLP sold GCP International to Ares Management in a deal that included $3.7 billion upfront and a potential earn-out of up to $1.5 billion.

Sources: Reuters