NTT has launched its data center real estate investment trust (REIT) on the Singapore Stock Exchange following an oversubscribed $773 million IPO.

The REIT saw its share price rise three percent, from $1 to $1.03, on its first day of trading on Monday.

It has six data centers in its portfolio, in the US, Austria, and Singapore, which are together valued at around $1.57 billion.

REITs are companies that own, and often operate, income-producing real estate such as data centers. They act as a fund for investors, generating revenue via leasing space and collecting rent on their properties. Data center REITs are investment trusts where all or the majority of the trust’s revenues come from leasing data centers.

NTT DC REIT joins two other data center-focused trusts, Keppel DC REIT and Digital Core REIT, on the Singapore Stock Exchange.

The $773m IPO was the biggest in Singapore since 2021, when Digital Core, set up by Digital Realty, raised $977m ahead of its market debut.

NTT retains the largest shareholding in the REIT, with a 25 percent stake, while Singapore’s sovereign wealth fund GIC owns 10 percent.

The company announced plans for the IPO in May. The facilities set to be transferred to the REIT include data centers in Ashburn, Virginia; Sacramento, California (x3); Vienna, Austria; and Singapore. The facilities total more than 41,000 sqm (441,320 sq ft) and around 80MW. Occupancy rates vary from around 90 percent up to 97 percent.