Japanese telecommunications giant Nippon Telegraph & Telephone Corp (NTT) is considering a significant move in the Singaporean capital markets. The company has reportedly appointed Bank of America and UBS as advisors for a potential $1 billion data center real estate investment trust (REIT) listing in Singapore.
Sources familiar with the matter suggest the IPO could materialize in the second half of 2025, potentially revitalizing Singapore’s IPO market. The city-state saw a modest $152.3 million in IPO proceeds last year, a 37.7% increase from 2023, according to LSEG data.
While NTT confirmed it is evaluating the possibility of forming a REIT, it emphasized that no final decisions have been made. UBS declined to comment, and Bank of America did not immediately respond to a request for comment.
The proposed listing would be the largest in Singapore since the $977 million IPO of Digital Core REIT in 2021. This move comes amidst growing investor interest in data centers across Asia, fueled by the surging demand for artificial intelligence and cloud computing services.
The potential NTT REIT listing aligns with Singapore’s efforts to bolster its equities market. In August 2024, the city-state established a review group to recommend measures for strengthening its capital markets.
This development is expected to be closely watched by market participants as it could significantly impact Singapore’s IPO landscape and further solidify its position as a key hub for data center investments in the region.
