June 30 (Reuters) – Oaktree-backed ITG said on Tuesday it had priced its U.S. initial public offering at $16 per share, below its targeted range, raising $312.2 million. The digital infrastructure firm sold 19.5 million shares in the offering, initially marketed between $19 and $22 apiece. ITG provides end-to-end digital infrastructure services across the U.S., […]
Science
Digital infrastructure firm ITG prices US IPO below range, raises $312 million
Audio By Carbonatix
June 30 (Reuters) – Oaktree-backed ITG said on Tuesday it had priced its U.S. initial public offering at $16 per share, below its targeted range, raising $312.2 million.
The digital infrastructure firm sold 19.5 million shares in the offering, initially marketed between $19 and $22 apiece.
ITG provides end-to-end digital infrastructure services across the U.S., supporting the planning, construction, operation and maintenance of broadband, wireless, data center, utility and civil infrastructure.
Demand for its services has grown as high-speed broadband has become an essential utility and as AI companies spend billions to build data centers needed for their technologies.
In 2021, investment firm Oaktree Capital Management bought ITG in partnership with the firm’s management.
Morgan Stanley, Citigroup, UBS Investment Bank and Stifel are among the joint bookrunners for the offering.
It will begin trading on the Nasdaq on Wednesday under the ticker symbol “ITG.”
(Reporting by Manya Saini and Bipasha Dey in Bengaluru; Editing by Sahal Muhammed and Maju Samuel)