ITG Prices US IPO Below Range, Raises $312 Million for Digital Infrastructure

ITG, a digital infrastructure firm backed by Oaktree, has priced its U.S. initial public offering (IPO) at $16 per share. This price falls below the initially targeted range of $19 to $22 per share. The offering successfully raised $312.2 million through the sale of 19.5 million shares.

The company specializes in end-to-end digital infrastructure services across the United States. Its work supports the planning, construction, operation, and maintenance of various infrastructure types, including broadband, wireless, data centers, utilities, and civil projects. Demand for ITG's services has surged, driven by the increasing recognition of high-speed broadband as an essential utility and the substantial investments made by AI companies in building the data centers crucial for their technologies.

In 2021, investment firm Oaktree Capital Management acquired ITG in partnership with the firm's management. The IPO is set to commence trading on the Nasdaq under the ticker symbol "ITG" on Wednesday. Morgan Stanley, Citigroup, UBS Investment Bank, and Stifel are among the joint bookrunners managing the offering.