Ascendas Firstspace Plans $500 Million IPO in India

Ascendas Firstspace Development Management Pvt. is considering an initial public offering in India to raise approximately $500 million. The logistics and industrial parks developer intends to leverage buoyant Indian equity markets to secure the capital.

The company operates as a joint venture between the Singapore-based CapitaLand Ascendas REIT and the Indian industrial real estate firm Firstspace Realty. To prepare for the potential share sale, the firm is currently consolidating its corporate structure.

Ascendas Firstspace has held preliminary discussions with investment banks and expects to appoint formal advisers shortly to manage the offering process.