Nippon Telegraph and Telephone Corporation (NTT) has submitted a preliminary prospectus for the initial public offering (IPO) of its data centre real estate investment trust, NTT DC REIT, on the Singapore Exchange (SGX), according to a filing published on the Monetary Authority of Singapore’s website.
The move marks a significant development in NTT’s strategy to capitalise on growing investor interest in digital infrastructure. While the preliminary filing did not specify the expected IPO size or launch date, sources cited by Reuters earlier indicated the deal could raise up to US$1 billion (approximately S$1.36 billion), positioning it as the largest listing in Singapore in recent years.
The last comparable IPO was the US$977 million (S$1.33 billion) listing of Digital Core REIT in 2021, based on LSEG data.
NTT DC REIT’s initial portfolio comprises six data centre assets spanning the United States, Austria, and Singapore. The total appraised value of these assets stands at approximately US$1.6 billion (S$2.17 billion), the preliminary prospectus revealed.
The REIT’s sponsor is NTT Ltd, the global IT services subsidiary of the Japanese telecommunications group. The offering has attracted strong institutional interest, with cornerstone investors including Singapore’s sovereign wealth fund GIC, AM Squared Ltd, and Viridian Asset Management Ltd. These investors commit to subscribing to shares ahead of the IPO’s public launch, offering early validation of the REIT’s market appeal.
NTT declined to comment when approached for further details.
The listing comes amid renewed momentum in Singapore’s equities market. In February, the city-state introduced a suite of initiatives aimed at revitalising IPO activity, including a 20% corporate tax rebate for companies undertaking primary listings on SGX.
Market activity has responded positively. IPO proceeds on SGX rose more than five-fold in the first half of 2025, reaching US$331.6 million compared to US$59.3 million in the same period last year, according to LSEG data.
Separately, Hong Kong-listed China Medical System announced earlier this week that it had applied for a secondary listing on SGX, signalling growing regional interest in Singapore’s capital markets.
-Reuters
