Data center business AirTrunk is considering an initial public offering.

The Australian Financial Review reports the company is considering a float that could value the company as “well north” of AU$10 billion (US$6.4 billion).

AirTrunk SYD2.jpg
– AirTrunk

The publication reports AirTrunk shareholders Macquarie Asset Management and PSP sent a request for a proposal to seven investment banks earlier this month requesting pitch ideas around a capital review, which would look at a potential listing on the Australian Securities Exchange (ASX).

The capital review may also examine options around selling a minority stake in the business.

APAC-focused operator AirTrunk was founded in 2016 with plans to develop hyperscale data centers in Australia. It opened its first facility, in Sydney, in 2017. Since then the company has expanded across the region, operating and developing campuses in Australia, Hong Kong, Japan, Malaysia, and Singapore.

A consortium led by Macquarie’s Asia Infrastructure Fund 2 (MAIF2) and including Public Sector Pension Investment Board (PSP Investments), acquired a major stake in the business in 2020, investing alongside AirTrunk’s Founder and CEO Robin Khuda. At the time, the business was valued at around AU$3 billion ($1.93bn).