Oaktree-backed ITG jumps in Nasdaq debut, signaling strong AI infrastructure demand
The Nasdaq logo is displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid
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July 1 : ITG’s shares rose 12.5 per cent in their Nasdaq debut on Wednesday, giving the Oaktree-backed digital infrastructure company a market value of $2.18 billion as investors continued to back firms tied to the AI boom.
The debut adds to signs that investor appetite for companies supporting the AI buildout remains robust, as hyperscalers and technology firms pour billions into expanding data centers to meet soaring demand for AI computing.
“The current buzz around the AI and data center theme helped ITG to go public, with investors still looking for companies that can benefit from the rising demand around digital infrastructure,” IPOX Research Associate Lukas Muehlbauer told Reuters.
The Hendersonville, Tennessee-based company’s shares opened for trading at $18, above its IPO price of $16 per share. ITG sold 19.5 million shares on Tuesday, below the marketed range of $19 to $22 apiece, raising $312.2 million.
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Founded in 2013, ITG supplies outsourced network services to broadband, fiber and wireless providers, as well as data center operators and utilities, supporting the construction and maintenance of broadband infrastructure across 49 U.S. states.
The company, which competes with Quanta Services, MasTec and Dycom Industries, reported revenue of $333.9 million for the three months ended March 31, 2026, its latest regulatory filing showed.
“ITG does have a credible link to AI and data center demand, but the company still needs to prove that it can grow beyond its core Comcast and Charter relationships, and turn the current AI demand into steady growth and consistently strong margins,” Muehlbauer said.
ITG’s revenue remains skewed toward a few clients, with Comcast and Charter Communications accounting for about 60 per cent last year.
The listing suggests that the broader U.S. IPO market has regained momentum, with improving investor sentiment and strong demand for high-growth sectors such as AI encouraging more companies to go public.
Software firm Bending Spoons and Uber-backed electric scooter maker Lime were among the companies that also debuted on Wednesday.
Source: Reuters
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