The company is looking to lodge its initial public offering (IPO) prospectus with the Singapore regulator as early as this week or early next week, the sources said today, and was in the process of engaging cornerstone investors.

The sources declined to be identified as the information is confidential.

Cornerstone investors are large institutional investors that subscribe to an IPO offering before it is open to the public.

“We are aiming to go public during FY2025. However, the specific timing will be determined based on market conditions,” NTT said in an emailed response to Reuters today.

Its 2025 fiscal year runs from April 2025 to March 2026.

“Additionally, in order to be listed, we need to undergo the review and approval process by the Singapore Stock Exchange, and the approval timing is not yet certain,” the company said, adding that it had not yet disclosed the planned IPO amount.

The listing, if it proceeds, would be the biggest in Singapore since the US$977 million IPO of Digital Core REIT in 2021, LSEG data showed.

There is growing interest from companies seeking to list on the Singapore Exchange, after the city-state announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings.

Hong Kong-listed China Medical System said yesterday that it had applied for a secondary listing of its shares on the Singapore Exchange.

“NTT’s data centre REIT is expected to include four data centres in the US, one in Austria and one in Singapore,” one of the sources said today.