AirTrunk hires banks for Singapore listing that could raise over $1.3 billion, sources say

SINGAPORE – AirTrunk has appointed banks including Citigroup and DBS Bank for a potential initial public offering (IPO) in Singapore that could raise more than US$1 billion (S$1.3 billion) later in 2026, according to two sources with knowledge of the matter.

The International Financing Review reported on April 6 that the data centre giant was planning a listing of a real estate investment trust (REIT) on the Singapore Exchange that could raise up to US$1.5 billion.

A deal of that size would be bigger than the IPO of NTT DC REIT, which raised US$773 million in 2025 to become Singapore’s largest REIT listing in a decade.

AirTrunk is backed by US-based investment firm Blackstone. In 2024, Blackstone and the Canada Pension Plan Investment Board acquired the company in a deal valuing it at A$24 billion (S$21.4 billion). AirTrunk has data centres in Hong Kong, Japan, Malaysia and Singapore.

AirTrunk on March 13 launched its new regional headquarters at Ocean Financial Centre, marking its 10th year in Singapore, where it has three data centres – two of which are under development – with a total capacity of 180MW.

Its chief executive Robin Khuda said then that AirTrunk aims to treble its 115-strong workforce in Singapore to nearly 350 by 2030 with the addition of “high-value” jobs.

Blackstone, Citi and DBS declined to comment. AirTrunk did not respond to a request seeking comment. REUTERS