Key facts
- BW Industrial is targeting an initial public offering in 2027.
- The company is a logistics and industrial property developer in Vietnam.
- BW Industrial has seen no pullback in leasing inquiries despite potential US tariffs on Vietnamese exports.
- Leases are up 50% over 2023, and the company is on track to lease 1.2 million square meters of space in 2024.
- BW Industrial has over 10 million square meters of industrial land in 12 provinces.
BW Industrial, a Vietnamese industrial and logistics property developer backed by Warburg Pincus, is planning an initial public offering (IPO) in 2027. The company is preparing to capitalize on the growing demand for factories and warehouses driven by manufacturers relocating production from China and other regions.
According to sources familiar with the matter, BW Industrial is actively pursuing the IPO as a potential option to raise capital for expansion. Fion Ng, the company's chief operating officer, confirmed in a Bloomberg Television interview that the IPO is a future option they are continuing to pursue, though the exact timing will depend on market conditions. Ng also stated that the company is well-funded and does not anticipate a shortage of funds in the near future.
Despite concerns that Vietnam could face new tariffs on its exports to the United States, BW Industrial has not seen a decrease in leasing inquiries. In fact, the company has hosted more site visits from manufacturers, including those from China. Leases this year are up 50% compared to 2023, and BW Industrial is on track to lease 1.2 million square meters of industrial and logistics space in 2024. The company aims to keep pace with the construction of one million square meters of industrial leasing land annually and is not slowing its investment.
Founded in 2018 as a joint venture between Warburg Pincus and Vietnam's Becamex IDC, BW Industrial has amassed over 10 million square meters of industrial land across 12 provinces. The company's total assets under management are approximately $2.7 billion, controlling over 9 million square meters of industrial land with a gross floor area of about 3.4 million square meters, making it one of the largest industrial real estate platforms in Vietnam. One of its recent projects is the BW Tan Hiep Logistics Park in Dong Nai Province, a 64-hectare development expected to be completed by the end of 2025.