Asian IPOs become magnets for capital

Singapore/Hong Kong: Initial public offerings from the logistics unit of Singapore wealth fund GIC and a Philippines budget airline drew strong demand from investors, underscoring how Asia's robust economic growth and rising currencies are acting as a magnet for capital. Global Logistic Properties (GLP), a unit of sovereign wealth fund Government of Singapore Investment is set to raise at least $2.7 billion (Dh9.9 billion) after pricing its IPO at the top-end of an indicated range, sources said yesterday. And Cebu Air priced its share sale near the midpoint of its indicative range, that could help it raise at least $538 million and make