Japan's Nippon Telegraph & Telephone (TYO:9432) has appointed the Bank of America and UBS to help with an initial public offering worth $1 billion of a data centre real estate investment trust in Singapore, according to a report by Reuters on Friday.
According to sources close to the matter, the listing is likely to take place during the second half of the year.
In 2024, IPO activity raised total proceeds of around $152.3 million in Singapore, according to the report.
Responding to a Reuters email, an official from the NTT DATA Group confirmed that the company is evaluating the formation of a REIT but added that no definitive decision has been reached so far.
The IPO, if it goes through, will be the biggest in the city-state since the 2021 listing of Digital Core REIT (SGX:DCRU) which was valued at $977 million, the report noted.
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