The Oaktree-backed digital infrastructure company opened above its IPO price, extending investor appetite for AI-linked and data center-related listings in the U.S. market.
ITG shares rose 12.5% in their Nasdaq debut on Wednesday, giving the Oaktree-backed digital infrastructure company a market value of $2.18 billion after it raised $312.2 million in an IPO priced below the marketed range. The Hendersonville, Tennessee-based company sold 19.5 million shares at $16 each, versus an indicated range of $19 to $22, and the stock opened at $18. The listing adds to evidence that investors remain willing to back companies tied to the AI buildout, as hyperscalers and technology firms continue spending heavily on data centers and related infrastructure. Founded in 2013, ITG provides outsourced network services to broadband, fiber and wireless providers, as well as data center operators and utilities, and supports broadband infrastructure construction and maintenance across 49 U.S. states. Reuters cited IPOX Research Associate Lukas Muehlbauer as saying the AI and data center theme helped the company go public, while noting ITG still needs to show it can diversify beyond key customer relationships and translate current demand into steady growth and margins. Comcast and Charter Communications accounted for about 60% of revenue last year, and ITG reported revenue of $333.9 million for the three months ended March 31, 2026, according to its latest filing.