NTT DATA Group is preparing to list its data centre real estate investment trust (REIT) on the Singapore Exchange as early as July, according to two individuals familiar with the matter. The offering could raise as much as US$1 billion, potentially marking Singapore’s largest initial public offering (IPO) in nearly four years.
The Japanese technology and IT services conglomerate is expected to file its IPO prospectus with the Singaporean regulator either this week or in the early part of next week. The company is currently in discussions with potential cornerstone investors, typically large institutional players who commit to IPOs prior to public launch. The individuals requested anonymity due to the confidential nature of the information.
In a statement provided to Reuters, NTT confirmed it is targeting a public offering during its fiscal year 2025, which spans from April 2025 to March 2026. However, the final decision regarding timing will depend on prevailing market conditions.
“Additionally, in order to be listed, we need to undergo the review and approval process by the Singapore Stock Exchange, and the approval timing is not yet certain,” the company said, noting that the size of the IPO has not yet been publicly disclosed.
Should the listing proceed, it would be Singapore’s largest IPO since Digital Core REIT raised US$977 million in 2021, according to data from LSEG.
Investor appetite for listings in Singapore has strengthened following a suite of initiatives announced by the city-state in February aimed at revitalising its capital markets. These include a 20% tax rebate for companies pursuing a primary listing on the Singapore Exchange.
NTT’s proposed REIT is expected to be underpinned by six data centre assets: four in the United States, one in Austria, and one in Singapore, one of the sources said.
In a further signal of Singapore’s growing appeal as a capital-raising venue, Hong Kong-listed China Medical System revealed this week that it had submitted an application for a secondary listing in the city-state.
-Reuters
