ARA Asset Management Ltd., a real estate investment firm backed by Warburg Pincus LLC, is weighing a dual listing plan that could raise at least US$1 billion ($1.32 billion) as soon as this year, according to people with knowledge of the matter.
The firm, which also counts Hong Kong billionaire Li Ka-shing as an investor, is working with advisers on a plan to list in Hong Kong and Singapore, said the people, who asked not to be identified as the information is private. The asset manager is leaning toward a Hong Kong offering before a share sale in Singapore, they said.
Warburg Pincus currently owns 48.7% of ARA after buying AVIC Trust’s stake last year. The New York-based buyout firm in 2016 led a group, including ARA founder John Lim and AVIC Trust, to take the then-Singapore listed investment company private. Li’s CK Asset Holdings Ltd. and affiliates of Straits Trading Co. were part of the consortium. Lim said at the time that his company was “undervalued” on the Singapore exchange.