Oaktree Capital-Backed ITG Prices Below Range Ahead of Nasdaq Debut, Raises $312.2M
Oaktree Capital Management -backed digital infrastructure services firm ITG Inc priced its initial public offering below its targeted range at $16 per share on Tuesday, raising about $312.2 million in gross proceeds. IPO Prices Below Initial Range The offering was priced below the company’s previously marketed range of $19 to $22 per share outlined in its S-1 filing last week. Fort Lauderdale, Florida-based company expects net proceeds of approximately $279.2 million after underwriting discounts, commissions and offering expenses. The company said it plans to use the proceeds primarily to repay outstanding borrowings. Read Also: Nike, Bloom Energy, Circle, Constellation Brands and AMD: Why These 5 Stocks Are on Investors' Radars Today? Digital Infrastructure Growth Story Founded in 2013, ITG provides planning, design, construction and maintenance services for broadband, wir...
2 million in gross proceeds. IPO Prices Below Initial Range The offering was priced below the company’s previously marketed range of $19 to $22 per share outlined in its S-1 filing last week. 2 million after underwriting discounts, commissions and offering expenses. The company said it plans to use the proceeds primarily to repay outstanding borrowings.
Read Also: Nike, Bloom Energy, Circle, Constellation Brands and AMD: Why These 5 Stocks Are on Investors' Radars Today? S. The company also builds and maintains data centers, benefiting from rising investment in artificial intelligence infrastructure. Oaktree Capital acquired ITG in 2021, and the company now operates across 49 states, according to its website.
ITG appointed broadband industry veteran Andy Parrott as CEO in April, ahead of its plans for a public listing. In its June 22 S-1 filing, ITG said two of its largest customers, which it did not identify, accounted for 60% of fiscal 2025 revenue, down from 68% a year earlier. ” Morgan Stanley, Citigroup, UBS Investment Bank and Stifel are serving as lead bookrunners for the offering. S.
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