Ascendas Firstspace considering US$500 million India IPO: sources
The joint venture between the CapitaLand unit and Firstspace Realty has held preliminary talks with investment banks, they add
Ascendas Firstspace Development Management, a joint venture between CapitaLand and Indian industrial real estate firm Firstspace Realty, is contemplating an initial public offering (IPO) in India, potentially raising US$500 million, according to sources familiar with the matter. The logistics and industrial parks developer is seeking to capitalize on India's robust equity markets to fund its expansion plans.
Discussions with investment banks have commenced, and the company anticipates appointing advisers soon to facilitate the potential share sale. Ascendas Firstspace is also streamlining its corporate structure in preparation for the IPO. However, deliberations are still in their early stages, and details such as the offering size, structure, and timing may undergo changes.
A representative for Ascendas Firstspace did not respond to inquiries, while CapitaLand declined to comment. If successful, Ascendas Firstspace would join a growing roster of companies eyeing India's active market for new listings.
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