DayOne Data Centers files US IPO as revenue jumps despite market headwinds

DayOne Data Centers, a Singapore-headquartered developer of cloud-computing and AI data-centre infrastructure, filed for an initial public offering in the United States on Monday. The prospectus shows the company generated $512 million in revenue for the six months to June 30, a substantial increase from the prior year, but recorded a net loss of $77.2 million, widening from a $12.6 million loss the previous year. The move comes as rising bond yields and elevated interest rates have clouded the outlook for the upcoming IPO season, prompting several major listings to be postponed.

DayOne operates facilities in Malaysia, Indonesia, Thailand, Hong Kong, Japan, Finland and Spain, and was rebranded from GDS International after separating from Shanghai-based GDS Holdings. The offering, underwritten by Morgan Stanley, J.P. Morgan, BofA Securities and Citigroup, aims to fund new data-centre construction, working capital and other corporate needs, with shares to be listed on Nasdaq under the ticker “DODC”.