Backed by Bain Capital, Chinese Data-Center Operator Chindata Plans to List Shares in US, Targeting $400M

Chindata is the first ultra-large-scale digital real estate operator (Source: Chindata)

Chindata Group, China’s largest customized hyperscale information infrastructure operator, plans for a US listing as early as the third quarter of this year, with the expectation of raising approximately $400 million, Chinese business media outlet the Latest IPO reported on Wednesday.

The company’s market capitalization will reach $3 to $4 billion if the IPO proceeds.

Underwriters Credit Suisse, Citi and Morgan Stanley are preparing for the company’s listing, the Latest IPO reported.

After its establishment in 2015, Chindata quickly built a cluster of super-large-scale information technology infrastructure bases around the capital, the Yangtze River Delta, Guangdong, Hong Kong and Macao with Beijing, Shanghai, and Shenzhen as the core stores, the company said on the website.

On May 27 last year, Chindata officially announced that it had received US$570 million in strategic financing from Bain Capital, marking the largest single financing amount in the history of China’s data center industry, Hanergy Investment who served as the exclusive financial advisor for this transaction said on its WeChat account.

In July 2019, Bain Capital merged Chindata with Bridge Data Centers, a large-scale customized data center operating company under Bain Capital, Bloomberg reported. The center was operated by Chindata as a sub-brand that possesses rapidly deployable data center clusters in Malaysia and India. Another sub-brand, namely Chindata, continues to operate the infrastructure bases mentioned above.

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After the 2019 merger, Chindata has facilities in China, India, and Southeast Asia, and provides large-scale customized data center solutions for Asian and global customers, according to the company’s biggest investor Bain’s website.

Boasting its pioneering position as the world’s “first ultra-large-scale digital real estate operator with pan-Asian emerging markets as its main business development area,” Beijing-based Chindata provides services on the planning, investment, design, construction, and operation of the ecological infrastructure of the information technology industry, the company stated on its official website. Chindata currently operates more than 220 operator computer rooms around the country.