GLP picks investment banks for 2026 Hong Kong IPO: sources

Deliberations are ongoing and details such as the offering size and timing have not been finalised

GLP, which regards its data centre business as a significant growth driver, invests in sectors including digital infrastructure, logistics and renewable energy. PHOTO: GLP

Published Fri, Dec 19, 2025 · 04:33 PM

[HONG KONG] Investment firm GLP has selected banks for a Hong Kong initial public offering that may take place as soon as the first half of 2026, according to people familiar with the situation.

The Singapore-based company has picked Citigroup, Deutsche Bank, Jefferies Financial Group and Morgan Stanley to manage the share sale, the people said, asking not to be identified discussing a private matter.

Deliberations are ongoing and details such as the offering size and timing have not been finalised, the people said. GLP might also decide against pursuing a listing in the end, they added.

Representatives for GLP and Morgan Stanley did not respond to requests seeking comment. Citi, Deutsche Bank and Jefferies declined to comment.

GLP, which regards its data centre business as a significant growth driver, invests in sectors including digital infrastructure, logistics and renewable energy. The company’s revenue was US$1 billion in the first half of 2025.

GLP listed in Singapore in 2010, raising S$3.9 billion before agreeing in 2017 to a S$16 billion buyout – a record for Asia – by a Chinese consortium including private equity firms Hillhouse Investment, Hopu and now distressed developer China Vanke.

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GLP says: “As AI adoption accelerates and enterprises require advanced computing capabilities, data centre capacity has become critical to supporting economic growth and innovation."

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The fund, supported by a consortium of prominent domestic and international institutional investors, will take over a data centre in the Greater Beijing region from the investment firm.

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GLP's Park Lingang in China. the company’s plan to relist is partly fuelled by China’s economic stimulus and property support measures released over the past few months that have led to an improvement in the country’s stock markets.

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Last year, it sold GLP Capital Partners’ non-China operations for US$5.2 billion to Ares Management. GLP has also tried to sell its China operations, but did not reach an agreement with a state-owned buyer. GLP secured a US$1.5 billion investment from Abu Dhabi Investment Authority in August.

On Vanke’s latest debt challenges, advisers including Houlihan Lokey have begun approaching the developer’s offshore bondholders. Creditor recovery depends more on Vanke’s tangible assets, chiefly its 21 per cent stake in GLP, Bloomberg News reported this month. BLOOMBERG

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