June 30 - ITG, a digital infrastructure services company backed by investment firm Oaktree Capital Management, said on Tuesday that it priced its U.S. initial public offering at $16 per share. The firm sold 19.5 million shares in the offering, generating proceeds of $312.2 million. The final price landed below the initial marketing range of $19 to $22 per share.
ITG describes its business as providing end-to-end digital infrastructure services across the United States. Its stated capabilities cover planning, construction, operation and maintenance for a range of infrastructure types, including broadband, wireless, data center, utility and civil projects.
The company and its backers have highlighted growing demand for those services, noting that high-speed broadband has become an essential utility and that spending by AI-focused firms on data center capacity has increased demand for construction and related infrastructure work.
ITG was acquired in 2021 by Oaktree Capital Management in partnership with the company’s management team. The offering was led by a group of joint bookrunners that included Morgan Stanley, Citigroup, UBS Investment Bank and Stifel.
The shares are scheduled to begin trading on the Nasdaq on Wednesday under the ticker symbol "ITG."
Separately, the offering appeared alongside a platform product that evaluates companies using algorithmic analysis. That tool, as presented, assesses ITG alongside thousands of other firms each month using more than 100 financial metrics to generate investment ideas and evaluate fundamentals, momentum and valuation.
Contextual note: The pricing outcome and the scale of the offering are as reported above; the details on the company’s services, the 2021 ownership change and the list of joint bookrunners reflect information provided with the offering.