AirTrunk puts US$1.5 billion Singapore Reit IPO on hold
The offering had been scheduled for September or October. One person familiar with the plans said the company still aims to list by early 2027.
AirTrunk has deferred a Singapore real estate investment trust (Reit) flotation intended to raise about US$1.5 billion because of market conditions, according to two people directly familiar with the matter. The data-centre operator is owned by US investment firm Blackstone.
The company had planned to bring the offering to market in September or October. No new launch date has been set, although one of the people said AirTrunk aims to complete the listing by early 2027. Both people requested anonymity because the information was confidential.
The proposed Reit was expected to carry a valuation of about US$15 billion. The postponement coincides with a sell-off in technology and AI shares. Asian stocks fell on October 13 to levels last seen more than two months earlier, with chipmakers leading the declines.
AirTrunk did not immediately answer a request for comment, while Blackstone declined to comment. The Wall Street Journal was first to report the postponement on October 13.
Firmus has also scrapped its planned IPO. Separately, Reuters reported in September that Singapore-based data-centre operator DayOne was aiming for a US IPO launch before the midterm election.
