Australia-headquartered data center platform AirTrunk is said to be eyeing a September or October public listing of a real estate investment trust (REIT) in Singapore that could raise about US$1.5 billion, according to undisclosed sources quoted by Reuters yesterday.
The sources added that AirTrunk has filed confidentially for the listing and has started meeting potential cornerstone investors. However, the timing and size of the deal could still change depending on market conditions.
Earlier this month, w.media reported that AirTrunk was about to file confidentially for an Initial Public Offering of a REIT in Singapore and was targetting a September listing according to reports. The US$1.5 billion (S$1.9 billion) projected raise would make it the biggest IPO in Singapore since 2017.
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.
AirTrunk declined to comment. The firm 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$16.7 billion).