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ST Telemedia Global Data Centres IPO could raise $1 billion

Written by Thu 19 Jan 2023

Singapore-based data center operator, ST Telemedia Global Data Centres (STT GDC), is reportedly considering going public with an IPO that could raise more than US$1 billion.

Should the deal go through, the company could be valued at over $5 billion, according to Bloomberg. The IPO could take place in the United States or in Singapore before the end of the year, according to insiders with knowledge of the matter.

If the IPO is launched in Singapore, it would be the first $1 billion IPO on the Singaporean market since 2017, when Netbank NBN Trust raised $1.7 billion.

A representative for STT GDC said to Bloomberg: “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, bond offerings and to an IPO. We will continue to concentrate on scaling our business and introducing new industry-leading sustainability technologies and will update in due course on our future capital plans.”

STT GDC, financed through state-owned Temasek Holdings, was recently named a ‘key player’ in the global data centre market by research firm ReportsnReports. The company has been investing heavily in data centre facilities worldwide, including launching its first location in Indonesia outside Jakarta last month.

STT GDC also opened the third data centre on the Defu campus in Singapore last year, and announced plans to build another 30 MW facility outside of Seoul, South Korea.

“The establishment of our second data center site in South Korea bears testament to our strong efforts in supporting the country’s digital transformation and we are delighted for this next chapter of our growth. This expansion in Seoul is a natural next step for us in offering critical digital infrastructure services to meet the growing customer demand for complex design and scale requirements,” said Bruno Lopez, President and Group CEO of STT GDC.

While the company is expanding its Asian footprint, STT GDC recently announced that it was selling a significant stake of its European data centre arm VIRTUS Data Centres to Macquarie Asset Management.

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Written by Thu 19 Jan 2023

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