AirTrunk hires banks for Singapore IPO that could raise over US$1 billion: sources
The company is backed by US-based investment firm Blackstone
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[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
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