ITG, a digital infrastructure firm headquartered in Hendersonville, Tennessee, has moved to go public on the Nasdaq with plans to raise as much as $429.3 million through an initial public offering.
The company intends to sell 19.5 million Class A common shares at a proposed price range of $19 to $22 per share. If shares are priced at the top of the indicated range, the offering would equate to a maximum company valuation of $2.67 billion.
As part of the IPO structure, ITG and a selling stockholder will grant the underwriters a 30-day option. The firm has authorized an option for underwriters to acquire up to 2.2 million additional shares, while the selling stockholder will make up to 758,194 additional shares available under the same option.
ITG provides outsourced services to a range of customers including broadband operators, fiber providers, wireless carriers, data center operators and utilities. Its business model centers on supporting the construction and upkeep of broadband networks, with operations spanning 49 states.
Private investment firm Oaktree Capital Management acquired ITG in 2021 in a transaction alongside the company's management team. During Oaktree's ownership period, ITG completed 12 acquisitions.
The company's revenue base is notably concentrated: Comcast and Charter Communications together accounted for 60% of revenue in 2025.
On the project front, ITG reported a backlog of $2.9 billion at the end of 2025. Of that backlog, $1.3 billion is expected to be executed within the following fiscal year.
The IPO syndicate is led by Morgan Stanley, Citigroup, UBS Investment Bank and Stifel, which are serving as joint bookrunners. Additional joint bookrunners include BofA Securities, Baird, Santander, KeyBanc Capital Markets and Truist Securities. Houlihan Lokey, BTIG, Capital One Securities and Regions Securities LLC are listed as co-managers on the deal.
Upon listing, ITG's shares are expected to trade on the Nasdaq under the ticker symbol "ITG".
Additional context and facts
- The proposed offering size is up to $429.3 million through 19.5 million Class A common shares at $19 to $22 per share.
- Underwriters have a 30-day option to buy up to 2.2 million additional shares from the company and up to 758,194 additional shares from a selling stockholder.
- ITG reported a $2.9 billion backlog at the end of 2025, with $1.3 billion expected to be completed within the next fiscal year.