Data centre operator DayOne considering dual IPO in Singapore and US, source says
Singapore-based data centre operator DayOne Data Centers is reportedly considering a dual initial public offering (IPO) in both the United States and Singapore. This move could potentially value the company at approximately $20 billion, according to sources cited by Bloomberg.
The company is said to be nearing a confidential filing for its US IPO. This potential listing comes amidst a significant infrastructure boom in the data centre sector, largely fueled by the increasing demand for artificial intelligence workloads.
DayOne recently concluded a Series C funding round, raising over $2 billion. This funding round was expected to value the company at around $10 billion. GDS Holdings, an investor in DayOne, previously sold $385 million of DayOne shares in January, stating its remaining stake was worth more than $2.2 billion.
Earlier plans for DayOne's IPO were focused solely on the New York market. However, the company is now weighing a co-listing in Singapore. Reuters previously reported that DayOne aimed to raise approximately $5 billion at a valuation close to $20 billion. Broader demand could influence the final pricing and terms of the offering.
A dual listing could provide DayOne with greater leverage on its terms by tapping into cross-border demand. However, it would also expose the company's stock to sentiment from two different markets. The recent Series C funding round, which reportedly priced at a 100% premium, signals strong investor confidence but also sets a higher benchmark for the upcoming IPO.
The infrastructure boom in the data centre space is being driven by the growing need for computing power to support cloud services and artificial intelligence applications. Companies like DayOne are positioned to benefit from this trend.