AirTrunk hires banks for Singapore IPO that could raise over US$1 billion: sources

[SINGAPORE] AirTrunk has appointed banks, including Citigroup and DBS, for a potential data centre real estate investment trust initial public offering (IPO) in Singapore that could raise more than US$1 billion later this year, according to two sources with knowledge of the matter.

IFR reported on Monday (Apr 6) that the data centre operator was planning a Singapore listing that could raise up to US$1.5 billion.

A deal of that size would be bigger than the IPO of NTT DC REIT, which raised US$773 million in Singapore last year.

AirTrunk is backed by US-based investment firm Blackstone. In 2024, Blackstone and Canada Pension Plan Investment Board acquired the company in a deal valuing it at A$24 billion (S$21 billion).

AirTrunk has data centres in Hong Kong, Japan, Malaysia and Singapore.

Blackstone, Citi and DBS declined to comment. AirTrunk did not respond to a request seeking comment. REUTERS