Datacenter, DayOne targets Singapore-US dual listing. 5 billion IPO
The listing would also have strategic value for Singapore, which aims to revive its technology stock market after years in which many Asian companies preferred Wall Street
DayOne, the former international division of Gds Holdings - China's largest data centre operator - is aiming to become one of the first companies to list simultaneously in Singapore and New York, in a deal set to raise USD 5 billion. This was reported by the Financial Times, pointing out that the IPO on the Singapore Stock Exchange is expected to become one of the largest listings in that market in the past decade.
DayOne had initially considered an exclusive listing in New York, but was reportedly convinced by Singapore stock market officials to proceed with a dual listing. The company is expected to be valued at around USD 20 billion. Bank of America, Citigroup, Morgan Stanley and JPMorgan are working as advisors for the listing.
Asian data centre race for Ai
Behind the DayOne project is the booming global demand for digital infrastructure related to artificial intelligence and cloud computing. Founded in 2022 as GDS International, the company took over the foreign operations of GDS Holdingsm, China's largest data centre operator, and rapidly transformed into one of Asia's leading 'hyperscale' groups. Today, it develops digital campuses in Singapore, Malaysia, Indonesia, Thailand, Japan, Hong Kong and Finland, the company's first European hub.
Expansion is mainly concentrated in South-East Asia, where the growth of Ai loads is reshaping the global geography of data centres. Johor, Malaysia, in particular, has become one of the most sought-after areas in the sector due to its lower energy costs compared to Singapore and the availability of land and electrical capacity. In recent months, DayOne has secured more than USD 3.5 billion in funding for its new Malaysian campuses.
The listing would also have strategic value for Singapore, which aims to revive its technology stock market after years in which many Asian companies preferred Wall Street. According to the Financial Times, the deal would also represent one of the first tests of the new axis between SGX and Nasdaq to facilitate international dual listings.
