Singapore sovereign wealth fund GIC’s (GIC.UL) logistics unit Global Logistic Properties (GLP) looks set to raise about $3.9 billion after it priced its IPO at the top of the range, sources said on Friday.

GLP is selling 1.762 billion shares at $1.96 apiece, against an indicative range of $1.78-$1.96, sources told Reuters. The company has an option to sell an additional 234.6 million shares if the issue managers exercise a greenshoe option.

 

The pricing of GLP’s initial public offering takes place three days ahead of schedule following strong demand from investors. GLP had originally planned to price its IPO on Oct 11.

 

“The demand has been accelerated. We are trying to close  everything today,” a source working on the deal told Reuters. The source said the institutional tranche is currently over 15 times subscribed with orders from more than 400 accounts.

 

GLP, which owns logistic properties in China and Japan, will be the first listing by a firm majority-owned by GIC in Singapore. The sovereign fund will continue to have a controlling stake in GLP after the IPO.

 

Most of GLP’s assets were purchased from U.S. warehouse operator ProLogis (PLD.N) in 2009 and the unit is led by Jeffrey Schwartz, the U.S. firm’s former chairman and CEO.

 

The GLP IPO is the first of several large share offerings in Asia that will take place in coming weeks. Other big issues include AIA, the Asian life insurance arm of American International Group (AIG.N) and Mapletree Industrial, a property trust managed by a unit of Singapore’s other wealth fund Temasek.

 

Citigroup (C.N) and JPMorgan (JPM.N) are joint coordinators for the GLP deal. They are also bookrunners with UBS (UBSN.VX), DBS (DBSM.SI) and CICC.