Singapore's Universal Terminal has begun pre-marketing the business trust initial public offering of its oil storage terminals that is looking to raise up to S$1 billion ($767.9 million), IFR reported.

Pre-marketing will continue for two weeks, with bookbuilding expected to start on Dec. 4 and listing targeted for Dec. 18, according to two people involved in the deal.

Universal Terminal is based on Singapore's Jurong Island, and describes itself as one of the largest independent oil storage terminals in Asia.

DBS, HSBC and Standard Chartered are the joint global coordinators of the IPO.