* IPO could happen in 2026 or later, sources say

* Citi, Morgan Stanley ( MS ) among advisers, sources say

* Deal would mark GLP's return to public markets

By Kane Wu and Yantoultra Ngui

HONG KONG/SINGAPORE, March 12 (Reuters) -

S ingapore-based logistics company GLP is targeting a valuation

of about $20 billion with a Hong Kong initial public offering

that could occur as early as this year, two people with

knowledge of the matter said.

GLP has been discussing the potential offering with advisers

including Citi and Morgan Stanley ( MS ), said one of the

sources and a third separate person with knowledge of the

matter.

The people said an offering size and timeline had not been

finalised.

Typically large-capitalisation companies will float at least

15% of their shares in an IPO, according to the rules of Hong

Kong's stock exchange.

The sources declined to be identified because the

information they provided is private.

GLP, Citi and Morgan Stanley ( MS ) declined to comment.

If completed, the offering would add another marquee name to

a revitalised Hong Kong equity capital market and stand out

because the city's IPO pipeline is dominated by China-based

companies.

After ranking first globally for IPO fundraising last year,

Hong Kong entered 2026 with a robust pipeline and it is off to

its strongest start since 2021, with about $5.5 billion raised

in IPOs and second listings in January, according to data from

HKEX and LSEG.

RETURN TO PUBLIC

A Hong Kong listing would mark a return to the public

markets for GLP, which was taken private from the Singapore

bourse in 2017 in a S$16 billion ($12.6 billion) deal by a group

of investors backed by company CEO Ming Mei.

Hopu Investment, Hillhouse, Bank of China's investment arm

and Ping An Insurance Group were among the investors that took

GLP private.

GLP describes itself as a global thematic investor and

business builder focused on logistics real estate, digital

infrastructure, renewable energy and related technologies,

according to its website.

The company has more than $80 billion in assets under

management across real assets and private equity, it said.

GLP has moved in recent years to strengthen its capital base

and reshape its business. In August, a wholly owned subsidiary

of the Abu Dhabi Investment Authority agreed to invest up to

$1.5 billion in GLP.

In March 2025, GLP completed the sale of GCP International

to Ares Management ( ARES ) in a deal that included $3.7 billion upfront

and a potential earn-out of up to $1.5 billion.

($1 = 1.2728 Singapore dollars)