AirTrunk said to be near confidential filing for biggest Singapore IPO in years

BLACKSTONE-backed data centre operator AirTrunk is close to filing confidentially for an initial public offering (IPO) of a real estate investment trust in Singapore, according to people with knowledge of the matter.

Bloomberg News reported in April that AirTrunk is seeking to raise about US$1.5 billion from the offering, making it the biggest in Singapore since 2017. 

The company may submit a draft registration to the Monetary Authority of Singapore and local stock exchange as soon as this week, the sources said, asking not to be identified because the information is not public. Deliberations are ongoing and timings could still change, they said.

An IPO of that size would be a major boost to Singapore, where a total of US$912 million have been raised in first-time share sales this year after a US$1.9 billion overall tally in 2025, data compiled by Bloomberg showed. Netlink NBN Trust raised US$1.7 billion in 2017. 

A representative for Airtrunk declined to comment. 

Founded in 2015, AirTrunk operates data centres in areas such as Australia, Hong Kong, India and Singapore, according to its website.

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Blackstone and Canada Pension Plan Investment Board acquired the company for A$24 billion (US$16.6 billion). AirTrunk is working with Citigroup, DBS and Jefferies Financial Group on the IPO. BLOOMBERG