Daily Telegraph – 1st March 2019
UK data centre operator Global Switch has picked three investment banks as its arrangers for a proposed Hong Kong flotation that could see it raise over $1bn.
The London-based company, controlled by Chinese investors, has given the nod to Goldman Sachs, JP Morgan and CLSA to lead the deal, according to sources speaking to Bloomberg. It follows comments from the firm at the start of the year that it would “commence preparations for a public listing on a leading international stock exchange in 2019, subject to market conditions”.
Founded in 1998, Global Switch offers cloud computing solutions through its 11 data centres to companies across Europe and Asia handling increasing amounts of customer information. David and Simon Reuben, two British billionaires at the helm of a retail empire, bought Global Switch in 2004 for £585m. They sold control of the firm in 2016 to Asian investors including Chinese steelmaker Shagang Group and China Citic Bank International.
Hong Kong has seen a rising number of flotations in recent years, and became the top destination in 2018 for companies seeking investment from the public markets. One hundred and twenty five companies raised close to $36.5bn on Hong Kong’s main board last year.