HONG KONG/SINGAPORE, March 12 (Reuters) - Singapore-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)