Singapore IPO Revival Hopes Pick up With NTT’s REIT Debut Gains

Singapore’s biggest initial public offering in eight years is offering hope that the country’s stock exchange is finally attractive for new listings.

NTT DC REIT gained as much as 3% on Monday in its trading debut, outpacing the benchmark Straits Times Index. This comes after it secured the city-state’s sovereign wealth fund as a rare cornerstone investor.

The $773 million data center listing is being closely watched as the spark that could revive Singapore’s moribund IPO scene, following an all-hands-on-deck effort to reboot it. There was a palpable sense of relief among the executives, bankers and exchange officials at the ...