ITG Inc., a digital infrastructure services company backed by Oaktree Capital Management, launched its initial public offering roadshow on Monday with plans to sell 19.5 million shares priced between $19 and $22 per share.
The Hendersonville, Tennessee-based company intends to list its Class A common stock on the Nasdaq under the ticker symbol ITG. Morgan Stanley, Citigroup, UBS Investment Bank, and Stifel are serving as joint bookrunners and representatives of the underwriters for the offering.
Founded in 2013, ITG provides end-to-end design and engineering services supporting broadband, fiber, wireless, and utility infrastructure projects. The company has expanded significantly under Oaktree’s ownership following the investment firm’s acquisition in 2021, growing through 12 acquisitions to serve clients across 175-plus U.S. locations with a workforce exceeding 9,000 employees.
ITG plans to grant underwriters a 30-day option to purchase up to an additional 2.17 million shares, which includes the right to purchase 758,194 shares from a selling stockholder. At the midpoint of the $19 to $22 price range, the offering would raise approximately $429 million in gross proceeds.
The company intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility and term loan facility, with any remaining proceeds directed toward general corporate purposes and business growth initiatives.
Sources
- RTTNews — IPO roadshow launch, share count, price range, and use of proceeds
- Stock Titan — Underwriter names and roles as joint bookrunners
- Channel News Asia — Oaktree ownership, acquisitions under Oaktree, target valuation
- Investing.com — Company founding date, Oaktree acquisition timing, target valuation
- Broadband Library — Employee count and U.S. locations
