Japan's NTT is shaking up Singapore's quiet IPO scene with an $812 million listing of its data center real estate trust—potentially the city's biggest public offering since 2016. After years of sluggish activity, this could be the jolt Singapore's market needs.

Editor’s Note: Singapore's IPO market has been in a dry spell, so a blockbuster deal like this could reignite investor interest and signal confidence in the region's financial hub status. For data centers—a hot commodity in the AI era—it’s also a bet on growing demand for digital infrastructure. A win here might lure other big players to follow suit.