Chindata Group Holdings, an integrated data center operator focusing on Asia-Pacific emerging markets, announced terms for its IPO on Wednesday.
The Beijing, China-based company plans to raise $500 million by offering 40 million ADSs at a price range of $11.50 to $13.50. The company plans to raise an additional $135 million in a concurrent private placement to Country Garden Holdings and Shimao Group Holdings. At the midpoint of the proposed range, Chindata would command a fully diluted market value of $4.5 billion.
The company is a leading provider of carrier-neutral hyperscale data center solutions, focusing on the China, India, and Southeast Asia markets. Chindata operates six hyperscale data centers in China and one in Malaysia, with total capacity in service of 196 MW (90% contractually committed), and is constructing five data centers in China and one in India (234 MW of capacity under construction).
Chindata Group Holdings was founded in 2015 and booked $212 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol CD. Morgan Stanley, Citi, UBS Investment Bank and China Renaissance are the joint bookrunners on the deal. It is expected to price on Tuesday, September 29, 2020.
