Global Switch: Global Switch Picks Banks for $1 Billion IPO in Hong Kong

Mar 01, 2019 | Posted by Eric Bell

HONG KONG (Reuters) - UK-based data center operator Global Switch has chosen CLSA, Goldman Sachs and JPMorgan as sponsors for its Hong Kong initial public offering (IPO) of up to $1 billion, two people with direct knowledge of the matter said on Friday.

Founded in 1998 and owned by Britain’s billionaire Reuben brothers, Global Switch operates 11 data centers across Europe and Asia, including in Hong Kong and Singapore.

The company met banks in London in January to pick the sponsors, according to another person with knowledge of the matter.

Global Switch said in January it had “resolved to commence preparations for a public listing on a leading international stock exchange in 2019, subject to market conditions.”

It did not immediately reply to a request for comment. CLSA, Goldman Sachs and JPMorgan declined to comment.
Global Switch Tai Seng Data Center in Singapore
IFR, which first reported the mandating of the banks, said the listing could give the company a valuation of at least 8.4 billion pounds ($11.13 billion).

The IPO was first mooted in July last year, when a consortium of six Asian investors acquired a 24.99 percent stake in Global Switch for 2.1 billion pounds.

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