UI Boustead said to seek US$700 million Singapore IPO in March

[SINGAPORE] UI Boustead Reit is gearing up for a listing in Singapore as early as March, targeting proceeds of at least S$900 million, according to people familiar with the matter.

The real estate investment trust unit of Boustead Singapore will begin taking investor orders as soon as next month, the people said, asking not to be identified discussing private information. Deliberations are ongoing, and the deal size and timing may still change, they added.

A spokesperson for Boustead Singapore, an infrastructure-related engineering-services firm, declined to comment. 

The Reit’s fundraising could make it one of the largest offerings in the city-state in recent years. The IPO plan will further boost Singapore’s share-sale market, which is showing signs of a revival after years of lacklustre performance and liquidity concerns. 

Total proceeds in the city-state hit a six-year high in 2025 of US$1.9 billion, data compiled by Bloomberg show. UltraGreen.ai raised US$400 million last month in the largest Singapore IPO for companies other than Reits since 2017. NTT DC Reit’s IPO raised US$773 million in July, in the city-state’s biggest listing in eight years.

Boustead Singapore applied to the Singapore Exchange and the Monetary Authority of Singapore on behalf of UIB Holdings for a Reit IPO and listing, according to a September filing.

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The Reit’s IPO portfolio will include more than 20 leasehold properties in Singapore and two freehold properties in Japan, for a total agreed property value of USS$1.9 billion, according to the filing.

Citigroup, DBS Group Holdings and United Overseas Bank are among those arranging the listing, people familiar with the matter said. Representatives for all three declined to comment. BLOOMBERG