KKR and GIP-owned CyrusOne weighs $5bn IPO as data centre listings gather pace
CyrusOne, the data centre operator owned by KKR and BlackRock’s Global Infrastructure Partners (GIP), is preparing for a potential US initial public offering as early as 2027, in what could become one of the sector’s largest listings in recent years, according to a report by Reuters.
The report cite unnamed people familiar with the matter as revealing that KKR and GIP held meetings with investment banks including Goldman Sachs and Morgan Stanley last week as banks pitched for roles on a potential offering.
The plans remain at an early stage, with CyrusOne yet to determine how much capital it would raise or the valuation it would seek. One source indicated the IPO could raise approximately $5bn, although the eventual size and structure could change.
A listing would provide KKR and GIP with a potential route to realise part of their investment in CyrusOne while giving the company access to public equity markets to support its expansion and reduce debt accumulated during its data centre build-out.
KKR and GIP took CyrusOne private in 2022 in a transaction valued at approximately $15bn including debt. The operator now runs more than 60 data centre campuses across the US, Europe and Japan.
