DayOne Data Centers Ltd., a Singapore-based operator, has confidentially filed for a US initial public offering. The company aims to list as early as the next quarter, intending to raise approximately $5 billion from the IPO. Previously, DayOne had considered targeting a valuation of about $20 billion from the listing, although the details regarding size and timing are subject to change.
This move comes as the data center industry experiences a boom, largely driven by the demand for artificial intelligence infrastructure. DayOne is also reportedly seeking to increase an existing loan to as much as $7 billion to fund its expansion, particularly in Malaysia, which would be the largest borrowing for a data center firm in Asia.
DayOne has selected prominent banks, including JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp., and Citigroup Inc., to help arrange the potential share sale. The company, once an international affiliate of Chinese data center operator GDS Holdings Ltd., has been actively pursuing funding to support its growth initiatives in the rapidly expanding data center market.
