Mapletree Business City in Singapore may be the site of more banker visits in the coming months (Image: Mapletree)
Mapletree Investments is sounding out potential investors for an initial public offering on the Singapore exchange, as one of Singapore’s largest investment managers looks to raise capital from the public.
The IPO could take place early next year, and may value the listed entity at as much as S$5 billion ($3.9 billion), according to industry analysts who spoke with Mingtiandi, confirming earlier reporting by the Business Times. Mapletree representatives had not responded to inquiries from Mingtiandi by the time of publication.
Mapletree, which had S$76.2 billion in assets under management as of 31 March, has already recruited bankers and advisors for the offering, according to the sources, with the company wholly owned by Singapore state investment giant Temasek Holdings.
The IPO preparations come after discussions between Mapletree and its Temasek stablemate CapitaLand Investment of a potential merger failed to result in a deal.
Regional Heavyweight
The IPO would give investors a chance to own a stake in one of Asia Pacific’s 10 largest real estate investment managers, with Mapletree investing in 12 countries, plus Hong Kong.
Mapletree Investments CEO Hiew Yoon Khong
Alongside its business developing properties, Mapletree manages three listed real estate investment trusts and nine private real estate funds covering sectors including office, retail, industrial, logistics, data centres, residential and student accommodation.
A bond document published by Temasek in July put Mapletree’s shareholder equity at S$18.5 billion with the company holding S$29.6 billion in investment properties as of 31 March, in addition to S$3.1 billion in development projects.
Among its three REITs, Mapletree Pan Asia Commercial Trust ranks as the largest with a market capitalisation of S$6.08 billion, followed by Mapletree Logistics Trust at approximately S$5.65 billion and Mapletree Industrial Trust at around S$4.94 billion.
Mapletree’s private funds invest in logistics in the US, Europe, China, Japan and emerging Asian markets, while its office strategies cover the US, Europe, India and Australia. The company also has a private fund covering student housing globally.
Last month the company announced that it had raised $500 million for its Mapletree Emerging Growth Asia Logistics Private Trust (MEGA), a logistics strategy that aims to develop $2.1 billion in assets across Malaysia, Vietnam and India.
IPO Slowdown
Mapletree is exploring its IPO opportunity as investors show growing caution about equity markets in Singapore.
Australia’s AirTrunk recently delayed a $1.5 billion data centre REIT IPO planned for the end of this year into the first half of 2027, according to the Wall Street Journal, as rising interest rates have dampened investor enthusiasm for listed property trusts.
In August Thai hotel investor and operator Minor International postponed its plan to list 14 hospitality properties through a Singapore REIT, pushing that planned $1 billion offering into next year.
CapitaLand Investment’s Singapore listed shares are down 12.4 percent from the start of this year, while Temasek-backed Keppel Ltd has seen its share price dip 1.85 percent so far in 2026.
