Ascendas Firstspace considering US$500 million India IPO: sources
The joint venture between the CapitaLand unit and Firstspace Realty has held preliminary talks with investment banks, they add
Published Thu, Nov 5, 2026 · 08:24 PM
[MUMBAI] Ascendas Firstspace Development Management is considering an initial public offering in India that could raise about US$500 million, according to people familiar with the matter, as the logistics and industrial parks developer seeks to tap the country’s buoyant equity markets.
The joint venture between Ascendas, part of Singapore-based CapitaLand, and Indian industrial real estate firm Firstspace Realty has held preliminary discussions with investment banks and is expected to appoint advisers soon, the people said, asking not to be identified because the information is private.
Ascendas Firstspace is also consolidating its corporate structure ahead of the potential share sale, they said.
Deliberations are at an early stage and details including the size, structure and timing of the offering could still change, the people said.
A representative for Ascendas Firstspace did not respond to a request for comment, while CapitaLand declined to comment.
Ascendas Firstspace would join a growing list of companies seeking to tap India’s active market for new listings. Blackstone-backed Horizon Industrial Parks raised about 26 billion rupees (US$275 million) through an initial public offering in August.
The success of Jio Platforms’ record US$3.1 billion IPO in October has helped bolster confidence among companies considering large share sales.
Firms have raised about US$14.36 billion through IPOs so far in 2026, following a record US$22 billion in 2025, according to data compiled by Bloomberg.
Ascendas Firstspace was established in 2017, with Temasek Holdings and Ascendas-Singbridge Group committing 20 billion rupees to invest in logistics and industrial real estate across key Indian markets.
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The company has a network of existing and planned logistics and industrial parks spanning more than 404.7 hectares across 17 projects in five states, with about 10 million sq ft already developed, according to its website. BLOOMBERG
