DayOne Data Centers, a Singapore-based operator of digital infrastructure, is close to a confidential filing for an initial public offering in the United States, setting the stage for a multibillion-dollar deal.
The company may seek to raise approximately $5 billion in the offering this year, according to people familiar with the matter. DayOne is working with Bank of America Corp. Citigroup Inc. JPMorgan Chase & Co. and Morgan Stanley on the listing.
DayOne operates data centers across seven markets: Singapore, Malaysia, Indonesia, Thailand, Hong Kong, Tokyo and Finland.
The company previously operated as GDS International, or GDSI. It secured more than $2 billion in a Series C funding round in January to support its international expansion.
Coatue Management led the Series C round. Other investors include GDS Holdings Ltd. Boyu Capital, Hillhouse Investment, SoftBank Vision Fund, Tekne Capital and Baupost Group. Ken Griffin, chief executive officer of Citadel, is also among the company's backers.
A confidential filing allows a company to begin the IPO process without immediately disclosing financial information publicly, offering flexibility as it assesses market conditions.
Final decisions on timing and terms remain pending, and the company has not made a public announcement regarding its IPO plans.
