AirTrunk plans to push its IPO to 2027, citing rates and volatility

AirTrunk plans to push its IPO into 2027, citing high interest rates and market volatility, according to Data Center Dynamics, which attributes the report to Bloomberg and Dow Jones.

The Blackstone-backed data center firm had planned to list this year to raise $1.5 billion and expected to formally gauge investor interest this month. The report says AirTrunk has also considered raising its REIT yield by 0.5 percentage points to 6%. Its data centers sit in Australia, Hong Kong, India, Japan, Malaysia and Singapore.

The AirTrunk delay follows Philippine telecom PLDT pushing back the IPO for its data center REIT a week earlier. Australian neocloud Firmus canceled its listing earlier this month for lack of investor demand even after cutting its share price; the report describes the $5 billion Firmus hoped to raise as one of the largest listings in ASX history.

A higher offered yield shifts return from issuer to buyer on the same cash flows. The report places the yield question alongside the delay but does not say the two are linked.

The data center IPO delays follow the question PID raised around Nscale's planned $3bn US listing in September.