Addition of Global Logistic Properties (MC0.SG) to MSCI Singapore Index at MSCI’s semi-annual review not moving stock much, says Dow Jones.
GLP flat at $2.23 on low volume of 8.3 million shares; stock’s addition effective Dec 1.
While usually addition of security to globally prominent benchmark would boost stock on expectation of increased investor following, GLP’s size, prominence mean entry into index was largely expected, priced in.
GLP raised $3.9 billion in 2nd largest IPO in Singapore’s history; shares have risen 13.8% from IPO price of $1.96 since Oct 18 listing. Singapore’s GIC sovereign wealth fund had 56.8% stake post IPO, with lock-up period of 12 months.
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