Temasek-backed ST Telemedia Global Data Centres (STT GDC) could be exploring an IPO, from which it could raise over $1 billion, Bloomberg reported on Friday, citing sources familiar with the matter.
The Singapore-based data centre operator has held discussions with potential advisors for the IPO that could value the firm at $5 billion. STT GDC is considering the US and Singapore as listing options, Bloomberg reported.
The report added that the plans are still in their early stages and that the company could choose to remain private for longer. “As with many businesses of our size and scale, we are constantly exploring all options to optimise our capital structure — from attracting strategic and financial investors and bond offerings to an IPO,” STT GDC told Bloomberg.
A $1 billion IPO could make STT GDC’s among the biggest first-time share sales in the region, surpassing Sea Ltd’s $989 million when it listed on NYSE in 2017.
STT GDC, whose parent Singapore Technologies Telemedia Pte is fully owned by Temasek, is one of Asia’s largest data centre operators, managing more than 170 facilities in Singapore, India, China, and other regions.