ITG Inc., a digital infrastructure services company backed by Oaktree Capital Management, has completed its US initial public offering, raising $312.2 million. The company sold 16.43 million shares at $19 apiece, which was at the lower end of its previously announced price range of $19 to $22 per share. This indicates a successful but cautious debut for the firm in a busy IPO market.
Originally, ITG had aimed to raise as much as $429.3 million by offering 19.5 million shares at the same price range. The reduction in shares sold suggests a market adjustment or a strategy shift to ensure a stable offering. Despite the lower amount raised compared to the initial target, the IPO proceeds will be used to bolster the company's financial position and support its growth initiatives. ITG has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “ITG.”
ITG provides critical installation, construction, and maintenance services for broadband, wireless, and fiber networks. The company, which employs over 10,000 people, has expanded significantly through a series of acquisitions under Oaktree's ownership since 2021. This IPO will provide capital to further expand its operations and capabilities in the rapidly growing digital infrastructure sector, driven by increasing demand for connectivity and AI-related infrastructure.
