ITG shares increased 12.5 percent in their Nasdaq debut on Wednesday, valuing the Oaktree-backed digital infrastructure firm at $2.18 billion. Investors showed continued support for companies linked to artificial intelligence growth. The listing reflects sustained demand for businesses aiding AI expansion, as major technology operators invest heavily in data centers to handle rising computing needs. The current interest in AI and data centers supported ITG’s public offering, with buyers seeking firms positioned to gain from digital infrastructure demand, according to IPOX Research Associate Lukas Muehlbauer. The Hendersonville, Tennessee-based company’s shares began trading at $18, exceeding the $16 IPO price. Founded in 2013, ITG provides outsourced network services to broadband, fiber, and wireless operators, along with data center and utility clients. The debut indicates investors remain willing to back mid-sized infrastructure companies with clear ties to AI spending, noted Cristiano Dalla Bona of Mergermarket. ITG competes with Quanta Services, MasTec, and Dycom Industries. It reported $333.9 million in revenue for the quarter ended March 31. Revenue depends heavily on a few customers, with Comcast and Charter Communications representing about 60 percent last year. The listing points to renewed momentum in the U.S. IPO market, driven by positive sentiment and interest in high-growth areas like AI. Additional digital infrastructure and connectivity firms may pursue public listings if conditions stay favorable, Dalla Bona said. Other debuts on Wednesday included software company Bending Spoons and Uber-backed scooter maker Lime.
