NTT DC REIT’s IPO was supposed to be a shot in the arm for Singapore’s flagging equity market, decried by analysts as “lackluster” due to its lack of growth stocks and tiny number of listings. NTT’s IPO had everything: It was oversubscribed, boasted sovereign wealth fund GIC as a cornerstone investor, and was tied to the buzzy data center sector.
Yet NTT DC REIT’s shares have done poorly since their trading debut on Monday, falling below the offer price of $1.
