Data center builder ChinData is planning to launch an IPO on the US stock market, according to reports.
The flotation, first rumored at the beginning of 2020, is likely to go ahead shortly, as the company plans to file "confidentially" for a US flotation to raise around $400 million, according to Reuters. Bain and ChinData have both declined to comment on the story.
US relations no problem?
Despite increasing tensions with the US, Chinese companies are flocking to float on US stock markets, with around 20 raising a total of nearly $7 billion there already this year, according to Reuters. Four of those flotations have been bigger than the $400 million predicted for ChinData's flotation.
ChinData is a multi-national data center builder, produced by a merger with Bain-owned Bridge Data Centers in 2019. The combined group is branded as ChinData within China, and as Bridge Data Centers across the rest of Asia.
According to , Bridge CEO Kris Kumar, ChinData has plans to grow rapidly. In 2019 it had 150MW of capacity, and it wants to reach 300MW by the end of 20202. It has campuses in Shenzhen, Beijing, Zhangjiakou and Datong, as well as other properties in India and Southeast Asia.
21Vianet, a Chinese firm which has been on the US stockmarket since 2011, and raised a further $353 million there last week.