US stocks: Oaktree-backed ITG targets $2.7 billion valuation in US IPO

Digital infrastructure company ITG is targeting a valuation of up to $2.67 billion in its ‌U.S. market debut, ⁠joining a ⁠string of issuers rushing to capitalize on AI-driven demand and benefit from a busy summer IPO window.

The post-SpaceX IPO market has remained busy as companies rush to seize the strong conditions for new listings before the traditional summer lull kicks in.

The Hendersonville, Tennessee-based company is seeking up to $429.3 million by offering 19.5 million shares priced between $19 and $22 apiece, it said ⁠on Monday.


Uber-backed ‌electric-bike startup Lime and silver miner Sinda also launched their U.S. initial public offering roadshows on Monday.

Founded in 2013, ITG provides ⁠outsourced services to broadband operators, fiber providers, wireless carriers, data center operators and utilities.

It supports the construction and maintenance of broadband networks across 49 states in the United States, competing with peers Dycom Industries, MasTec, Primoris Services and Quanta Services.

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Demand for its services has grown rapidly as high-speed broadband connectivity has become an essential utility and the backbone of modern life, driving up data consumption.

The rapid data center expansion ‌to support AI workloads is also serving as a catalyst for high-bandwidth connectivity and capacity.

ITG's customer base is heavily concentrated, with Comcast and Charter Communications accounting for ⁠60% of the company's revenue last year.

The firm ended 2025 with a $2.9 billion backlog, of which $1.3 billion is expected to be completed within the next fiscal year.

Investment firm Oaktree Capital Management bought ITG in 2021, in partnership with the firm's management.

Under Oaktree's ownership, ITG has expanded its business through 12 acquisitions.

Morgan Stanley, Citigroup, UBS Investment Bank, and Stifel are among the joint bookrunners. ITG will list on the Nasdaq under the symbol "ITG".