Home / Business and Economy / ITG IPO Priced Below Target, Raises $312M
ITG IPO Priced Below Target, Raises $312M
1 Jul
Summary
- ITG priced its IPO at $16 per share, below its target range.
- The digital infrastructure firm raised $312.2 million from the offering.
- Demand for ITG's services is growing due to broadband needs and AI data centers.
ITG, a digital infrastructure firm backed by Oaktree, recently priced its U.S. initial public offering at $16 per share. This valuation landed below the initially targeted range of $19 to $22 per share. The offering successfully raised $312.2 million through the sale of 19.5 million shares.
The company provides comprehensive digital infrastructure services across the United States. These services are crucial for the planning, construction, operation, and maintenance of various infrastructure types, including broadband, wireless networks, data centers, and utilities.
Market demand for ITG's offerings has seen a significant increase. High-speed broadband is now considered an essential utility, driving consistent demand. Furthermore, the burgeoning AI sector is investing billions in building the data centers necessary for their advanced technologies, further boosting ITG's business prospects.
Investment firm Oaktree Capital Management, in partnership with ITG's management, acquired the company in 2021. The firm is set to begin trading on the Nasdaq under the ticker symbol "ITG" on Wednesday. Key joint bookrunners for the offering include Morgan Stanley, Citigroup, UBS Investment Bank, and Stifel.
