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* Shares up 10% on market debut
* Analysts say firm viewed as good proxy to China growth
SINGAPORE - Shares of Singapore's Global Logistic Properties (GLP)
surged 10 per cent on its market debut on Monday, with investors
attracted to the counter as a proxy for China's trade growth, analysts
said.
GLP's $3.9 billion (US$3.01 billion) share offering, which was 12 times
subscribed, makes it Singapore's second-largest IPO after Singapore
Telecommunications' $4 billion share offering in 1993.
The unit of Singapore sovereign wealth fund GIC, led by former
ProLogis CEO Jeffrey Schwartz, owns over 290 logistics properties
across China and Japan, making it well-positioned to ride on the coat
tails of China's industrial production boom and economic growth.
'GLP has a very strong sponsor behind in the form of GIC. Its
portfolio is well-positioned to ride through China's growth in the
logistics market,' said Vikrant Pandey, an analyst at UOB Kay Hian.
The share offering from GLP is among several large IPOs in Asia
that take place in coming weeks. These include AIA, the Asian life
insurance arm of American International Group and a proposed US$4.2
billion offering by Malaysia's Petronas Chemicals.
At around 0110 GMT, GLP shares were traded at $2.16, with over 122 million shares changing hands.
The firm said it sold 1.17 billion shares to investors at $1.96
each, raising about $3.9 billion in gross proceeds, which will be used
for its expansion plans in China and Japan.
'The growth is going to come from China, which accounts for about
30 per cent of their portfolio. So it's a medium to long term play on
the growth in China, funded by the high yields (from Japan
properties),' Mr Pandey said.
Citigroup Global Markets Singapore and JP Morgan were the joint
global coordinators and issue managers for the share offer, GLP said.
-- REUTERS
Starting from 19th October 2010 GLP will be included into the FTSE/ERPA NAREIT series of indexes --> http://www.ftse.com/Indices/FTSE_EPRA_NAREIT_Global_Real_Estate_Index_Series/Values.jsp
on top of that it will also be added into the GRP250 index followed by the GRP Global index at a later time (Jan 2011)
Today's massive vol done is most probably funds buying into GLP... congrats to all who dared to buy today... tmr will see fireworks ... the FTSE ERPA series consists of 7 indexes imagine the liquidity flowing into GLP.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_742CA8C3C1347BCE482577C00040B87B/$file/News_Release_GLP_Trading_Debut.pdf?openelement
GLP is going to fly! Imagine how much should an index stock worth? Good news on the 1st day of trading. In all honesty, our govt is strong and what bet placing your funds by foreign BBs with a stock which is GIC. Its branding at its very best. Buy before the fund managers, local and international, start to buy and it starts tomorrow!
AnthonyTan ( Date: 18-Oct-2010 17:25) Posted:
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