en.Wedoany.com Reported - U.S. digital infrastructure services provider ITG, Inc. is preparing to list on the Nasdaq Global Select Market under the ticker symbol "ITG." The company plans to issue 19,512,196 Class A common shares, with an offering price range of $19 to $22 per share. Based on the upper end of the range, the IPO could raise up to approximately $429.3 million, with the company seeking a valuation of up to roughly $2.67 billion.
Headquartered in Hendersonville, Tennessee, and founded in 2013, ITG primarily provides outsourced infrastructure services to broadband operators, fiber optic network providers, wireless operators, data center operators, and utility customers. Its operations cover network planning, design, construction, operation, maintenance, and expansion, with services extending to 49 U.S. states. The business is directly tied to broadband network construction, fiber deployment, wireless network upgrades, data center connectivity, and utility infrastructure maintenance.
The IPO's market window is linked to the investment climate in U.S. digital infrastructure. Broadband network expansion, growing demand for high-speed connectivity for homes and businesses, and data center construction driven by AI computing power are boosting needs for high-bandwidth connections, network capacity expansion, and communication infrastructure maintenance. ITG operates in the outsourced infrastructure services segment, connecting operators, data centers, fiber networks, and on-site construction and maintenance resources, with strong project execution capabilities.
The company has a high customer concentration. Comcast and Charter Communications are key clients, together contributing a significant portion of ITG's 2025 revenue. While large customers provide sustained project orders, this concentration also means revenue structure relies heavily on a few top operators. Post-listing, investors will continue to monitor the company's customer mix, project gross margins, cash flow, and stability of new orders.
As of the end of 2025, ITG's backlog stood at approximately $2.9 billion, with about $1.3 billion expected to be completed in the next fiscal year. The backlog provides some revenue visibility and reflects that broadband, fiber, wireless, and data center connection projects remain in a construction cycle. In the first quarter of 2026, the company reported revenue of $333.9 million, up from $225.4 million in the same period last year; full-year 2025 revenue also grew. Revenue expansion is primarily driven by infrastructure deployment demand, increased maintenance services, and business scale growth from acquisitions.
U.S. investment firm Oaktree Capital Management, in partnership with management, acquired ITG in 2021. Since then, ITG has expanded its business footprint through multiple acquisitions, bolstering capabilities in engineering design, construction deployment, and maintenance services. After the IPO, existing shareholders will retain a significant stake, while new investors will receive Class A common shares. The company plans to use the net proceeds primarily to repay borrowings under revolving and term loans, with remaining funds for general corporate purposes.
Underwriting arrangements have been finalized. Institutions including Morgan Stanley, Citigroup, UBS Investment Bank, and Stifel are participating in the offering. The company also plans to grant underwriters a 30-day over-allotment option, covering additional shares from ITG and selling shareholders. The offering remains subject to the effectiveness of the registration statement, market conditions, and final pricing, with the listing date, offering size, and final valuation subject to adjustment.
ITG's push for a Nasdaq listing highlights not just the fundraising scale and valuation, but whether broadband expansion, AI data center construction, and communication network upgrades can consistently translate into orders. If the company can maintain backlog digestion, diversify its customer base, and improve cash flow performance, it will be better positioned to attract attention from infrastructure and tech growth investors post-listing.
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