Bain Capital said to plan IPO of Chinese data centre operator

Photo by Jordan Harrison on Unsplash

Bain Capital is planning an IPO of Chinese data-center operator ChinData Group, people familiar with the matter said.

The private equity firm has asked investment banks to pitch for a role on the share sale, which could take place next year, according to the people, who asked not to be identified because the information is private. Any deal would value the company at more than $1 billion, though precise targets haven’t been set, the people said.

Bain invested in Beijing-based ChinData earlier this year and merged it with existing portfolio company Bridge Data Centres to form a pan-Asian data-center platform. The combined group has facilities in China, India and Southeast Asia, according to Bain’s website.

ChinData would join rival data-center operators GDS Holdings Ltd. and 21Vianet Group Inc. in seeking a public listing to fund expansion. Beijing-based GDS raised $201 million from U.S. IPO in 2016, according to data compiled by Bloomberg. Its shares have since risen nearly fivefold, giving it a market value of $6.9 billion.

Deliberations are still at an early stage, and the company hasn’t made a final decision on the fundraising size or listing venue, the people said. A representative for Bain declined to comment, while ChinData didn’t immediately answer phone calls and an email seeking comment.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.