Chinese data center owner ChinData Group filed for a U.S. initial public offering, joining several other IPOs from Chinese companies despite rising geopolitical tensions between Beijing and Washington.
The news comes about a week after Reuters reported that the Bain Capital-backed firm is preparing for a confidential filing to raise up to $400 million, citing two sources with direct knowledge of the matter.
The company intends to list its American depository shares on the Nasdaq under the ticker symbol “CD”, it said in a regulatory filing https://www.sec.gov/Archives/edgar/data/1807192/000119312520241010/d853939df1.htm on Tuesday.
The number of ADSs to be offered and the price range for the proposed offering have not yet been determined, the company said.
ChinData said it plans to use about 70% of net proceeds from the offering for development and construction of new data center projects and about 20% for potential investment or acquisition of assets.
Morgan Stanley & Co and Citigroup Global Markets are acting as joint bookrunners for the proposed offering, with UBS Securities and China Renaissance Securities (Hong Kong) acting as underwriters.