Australia-headquartered data center platform AirTrunk is said to be about to file confidentially for an initial public offering of a real estate investment trust in Singapore as soon as this week, according to Bloomberg News citing undisclosed sources with knowledge of the matter. The Blackstone Inc-backed firm is said to be working with Citigroup Inc, DBS Group Holdings Ltd and Jefferies Financial Group Inc on the IPO which earlier reports suggest could raise about US$1.5 billion (S$1.9 billion) making it the biggest in Singapore since 2017.
However, negotiations are still ongoing and details may change, the sources said.
The last IPO in Singapore that netted the biggest raise was in 2017 when Netlink NBN Trust raised US$1.7 billion. So far this year, IPOs in Singapore have collectively raised a total of US$912 million compared to the US$ 1.9 billion tally in 2025, according to Bloomberg’s data.
AirTrunk declined to comment.
AirTrunk boasts footprint across Asia Pacific including Australia, Hong Kong, India, Japan, Malaysia, Singapore and Saudi Arabia. Founded in 2015, it was acquired by Blackstone and Canada Pension Plan Investment Board for a record-breaking A$24 billion (US$16.6 billion).