Blackstone-backed AirTrunk eyes September, October launch for $1.5 billion Singapore REIT IPO, sources say

SINGAPORE, July 15 (Reuters) - Blackstone-backed AirTrunk is targeting a September or October launch for an initial public offering of a Singapore real estate investment trust (REIT) that could raise about $1.5 billion, two people with direct knowledge of the matter said.

The data centre operator has filed confidentially for the listing and has started meetings with potential cornerstone investors, the people said.

The planned IPO would come as global investors pour money into data centres because of rising demand from cloud computing and AI companies.

The timing and size of the deal could change, depending on market conditions, the people said.

The sources declined to be named because the information is private.

AirTrunk did not immediately respond to an emailed Reuters request for comment.

AirTrunk runs data centres across the Asia-Pacific region, according to its website. Blackstone and Canada Pension Plan Investment Board agreed in 2024 to buy the company in a deal that valued it at more than A$24 billion ($16.77 billion).