Chindata Group Holdings, an integrated data center operator focusing on Asia-Pacific emerging markets, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we believe could raise $400 million.
Chindata is backed by Bain Capital. It was last valued at about $3.4 billion in a $250 million round in July and August 2020.
The Beijing, China-based company was founded in 2015 and booked $211 million in pro forma sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol CD. Chindata Group Holdings filed confidentially on April 13, 2020. Morgan Stanley and Citi are the joint bookrunners on the deal, with UBS Investment Bank and China Renaissance also serving as underwriters. No pricing terms were disclosed.
