DayOne could deliver the SGX one of its biggest IPOs yet
The data centre operator looks set to dual-list on the NYSE and SGX.
Data centre giant DayOne is close to filing for an IPO, and the Singapore Exchange has persuaded it to co-list on both the NYSE and the SGX.
The news came from a Bloomberg report, which has a track record of scoops on data centre developments in Singapore and the wider region.
Two listings, one filing
In its 16 May report, Bloomberg noted that DayOne could file with the NYSE as early as "this week." That weekend, a separate report in the Financial Times added that the company had been persuaded to dual-list on the NYSE and the Singapore Exchange.
According to the FT, the push came from SGX officials. The dual-listing initiative is new: Singapore's parliament passed the laws to allow it just two weeks ago. Under the rules, companies with a market value of more than US$1.5 billion can file a single set of paperwork to list simultaneously, with at least 15% of the IPO value on the SGX.
This means that if the plan goes ahead, the DayOne IPO could well be among the largest on the SGX in recent times.
Who is DayOne?
First established in 2022 to hold GDS's data centre assets outside China, DayOne was split off from GDS last year with funding from various international investors. It is now developing multiple data centres across Indonesia, Malaysia, Singapore, Thailand, Hong Kong, Japan and Finland.
Within the industry, it has built a reputation for fast construction and for committing to delivery timelines that others won't. Customers have apparently taken note. From what I've heard from a reputable source, DayOne has more customers on its order books than it can take on.
A wave of data centre IPOs
Data centre development is running strong across Asia, with key markets such as Johor, India, Thailand, Japan and Batam growing extremely rapidly.
And it's not just DayOne. Other fast-growing operators are positioning themselves to go public too. Last July, NTT DC REIT listed on the SGX and raised US$733 million, making it one of the largest REIT IPOs on the exchange in nearly a decade.
The buildout in Asia has reached the stage where the capital markets want in. If operators start listing here, that's a win for the SGX in its bid to attract large, high-growth names.
