(Apr 26): Singapore-based GLP is planning an initial public offering (IPO) for its US operations that could raise about US$3 billion ($4.09 billion).

GLP may seek to value the operations at more than US$20 billion, and the firm is said to have confidentially filed with securities regulators for the planned offering.

Much of GLP’s US business stems from a 2014 deal to acquire IndCor Properties from Blackstone Group for US$8.1 billion. The offering could help GLP recoup funds after it was taken private by a management-backed consortium from the Singapore stock exchange last year.

GLP manages more than 1,350 properties in the US and US$64 billion of assets in real estate and private equity globally. Its Japan assets are listed in Tokyo under GLP J-REIT, which has risen about 7.8% this year.