Japan’s NTT Ltd is preparing to raise as much as US$812 million (approximately RM3.42 billion) through the initial public offering of its data centre real estate investment trust (REIT) in Singapore, potentially ending a prolonged IPO drought in the city-state.
The REIT, to be listed as NTT DC REIT, is targeting a market capitalisation exceeding US$1 billion. Units are expected to be priced at US$1 each, according to terms of the offering reviewed by Bloomberg. Should the over-allotment option be exercised in full, total proceeds could climb to US$864 million.
Seven cornerstone investors have pledged to subscribe for a combined US$172.8 million. Notably, Singapore’s sovereign wealth fund, GIC Pte Ltd, has committed to invest over US$100 million. Additional commitments have come from the wealth management clients of UBS Group AG, alongside institutional investors such as AM Squared Ltd and Viridian Asset Management Ltd.
The proposed listing would be Singapore’s largest since NetLink NBN Trust’s IPO in 2017, which raised US$1.7 billion. It also represents a significant boost to the country’s lacklustre equity capital market, which has recorded only a single listing in 2025 to date—a modest US$4.5 million flotation by a car servicing company.
In February, Singapore’s government introduced a package of market-stimulating incentives, including tax relief measures aimed at encouraging listings and spurring domestic fund investment in local equities.
NTT’s global data centre platform, among the largest worldwide, operates across more than 20 countries. The assets being seeded into the REIT are collectively valued at around US$1.6 billion, according to its listing prospectus.
The offering is being jointly managed by a consortium of global financial institutions, including DBS Group Holdings Ltd, Bank of America Corp, UBS, Mizuho Financial Group Inc, and Citigroup Inc.
-Bloomberg
