By Jamie Lee
SINGAPORE - Global Logistic Properties (GLP) lived up to its billing on its trading debut yesterday, with the stock surging as much as 12 per cent.
This should help pave the way for more initial public offerings (IPOs) to come to market over the next few months, market watchers say, noting that GLP's good start - coupled with Mapletree Industrial Trust's (MIT) expected strong debut this Thursday - should inspire confidence in the listings market.
GLP shares shot to $2.19 at the start of trading before easing to $2.17 by the closing bell, up 21 cents from its IPO price of $1.96. Some 514 million GLP shares worth $1.11 billion changed hands in a single day.
'The performance was pretty much in line with what people expected,' said Chan Tuck Sing, UOB-Kay Hian executive director.