AirTrunk has appointed banks including Citigroup and DBS for a potential data centre real estate investment trust initial public offering in Singapore that could raise more than $1 billion later this year, according to two sources with knowledge of the matter.
IFR reported on Monday that the data centre operator was planning a Singapore listing that could raise up to $1.5 billion.
A deal of that size would be bigger than the IPO of NTT DC REIT, which raised $773 million in Singapore last year.
AirTrunk is backed by U.S.-based investment firm Blackstone BX.N. In 2024, Blackstone and Canada Pension Plan Investment Board acquired the company in a deal valuing it at A$24 billion ($16.6 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.
($1 = 1.4457 Australian dollars)
Reuters
