NTT DC REIT to raise $987.93m in Singapore IPO

It's set to be the biggest the SGX’s biggest REIT initial public offering.

NTT DC REIT, backed by Japan telecom group NTT Ltd., is set to raise $987.93m (US$773) through its initial public offering on the Singapore Exchange.

The offering consists of 599,887,100 units priced at US$1 ($1.28) each, alongside an additional 172,770,000 units subscribed by cornerstone investors under separate agreements. For the Singapore public, units are offered at $1.276 each.

The REIT has received a letter of eligibility to list on the Main Board of the SGX-ST. It will be one of the largest REIT listings on the exchange in 2025.

Key backers and managers of the IPO include Merrill Lynch (Singapore), UBS AG Singapore Branch, Mizuho Securities, Citi, and DBS. The offering also allows for units to be issued as part-payment to the REIT manager and property managers for their fees.

The IPO is authorised under Singapore’s Securities and Futures Act and will remain valid until July 2026. Units will not be offered in the United States or any jurisdiction where such an offer would be unlawful.