Data center operator Green Mountain could be heading for the London Stock Exchange, with its owner reportedly considering an initial public offering (IPO) that would value the business at up to $3.2bn.

Azrieli Group, the real estate firm which owns Green Mountain, is said to have held talks with potential advisors about a London IPO.

Azrieli considers Green Mountain IPO

News of the IPO plan was first reported by Bloomberg, which cites people familiar with Azrieli’s thinking.

A public listing is one of several options being considered, and no final decision has been made, the report says. Azrieli may instead opt to look at raising money via a private funding round.

If it does head for an IPO, Green Mountain would be valued at up to $3.2bn, it is claimed. London is being considered as a potential destination for the listing, which could take place later this year or early in 2025.

DCD has approached Green Mountain and Azrieli Group for comment on the report.

Green Mountain has ambitious expansion plans

Based in Norway, Green Mountain operates three sites across the Nordic nation. It was purchased by Azrieli Group from Norweigan real estate business Smedvig for $850m in 2021.

Its clients include social media platform TikTok, which moved into a data center building at Green Mountain’s OSL2-Hamar campus in December. TikTok is due to operate three 30MW data centers from the campus, and once up and running Green Mountain claims the facility will be Europe's largest data center run on renewable energy, with a power usage effectiveness of 1.2.

The company is in the midst of an international expansion, and in December, DCD reported that it had started work on a 14MW facility at its LON1-East campus at Romford outside London, which will come online in the first quarter of next year. It is also building a 54MW data center near Frankfurt, Germany, which is part of a joint venture with energy provider KMW.

Green Mountain is also building out its infrastructure in Norway, with a new 10MW facility at its Oslo campus scheduled for completion in September.