Global Logistic Properties (MC0.SG) at $2.15, off $2.19 earlier high but still +9.7% vs $1.96 IPO price; top traded stock on SGX debut, says Dow Jones. 

Kim Eng, which yet to initiate stock, says size an advantage; “In the highly fragmented logistics facilities market, GLP is a market leader with a portfolio of modern facilities many times larger than its closest rivals in China and Japan,” says analyst Anni Kum. 

 

Adds, GLP’s extensive network of facilities means it can follow its customers to meet their expansion needs, making it the preferred partner. 

 

Says about $1.5 billion of proceeds earmarked to fund growth in China, where GLP has about 7.8 million square meters GFA for development; notes, time required to develop, stabilise logistics properties for recurrent income typically shorter vs retail, office properties, “hence development risk is minimised. The fact that GIC retains control with a 56.8% stake post IPO, with a lock-up period of 12 months, also gives us confidence.” Order book quotes suggest $2.16 cap.