Global Logistic Properties is set to raise $3.45 billion in Singapore’s biggest initial public offering since 1993, three people with knowledge of the matter said.

Shares in GLP, the overseas logistics unit of Government of Singapore Investment Corp., were priced at $1.96 a share, the top end of a range marketed to investors, the people said on condition of anonymity.

The Global Logistic IPO will push the amount raised in Singapore equity offerings in 2010 to US$5.33 billion ($7 billion), making it the biggest year for share sales in the city-state since 2007. Mapletree Industrial Trust, owned by a unit of Temasek Holdings Pte, plans to raise as much as $940 million in an IPO next week.

“The momentum and sentiment should keep going, though there’s quite a number of IPOs coming through at the moment so you never know when the appetite might turn,” said Chong Yoon-Chou, Singapore-based investment director at Aberdeen Asset Management Asia, which oversaw US$75 billion as of Aug 31.

Global Logistic, which said last month it would offer 1.76 billion shares, plans to use $1.5 billion of the proceeds to expand in China and Japan, and about $600 million to pay down existing shareholder loans. There is an over-allotment option to expand the sale by 234.7 million shares.