Princeton Digital Seeks $2B Valuation From Fund Raise: Bloomberg - GDS Holdings (NASDAQ:GDS)

Warburg Pincus backed Asia-focused data center operator Princeton Digital Group Pte is eyeing a fundraise that could boost its valuation to $2 billion, Bloomberg reports.
The New York-based private equity firm is in discussions with financial advisers. It seeks to raise about $400 million for Princeton Digital ahead of a potential initial public offering in the coming quarters.
Singapore-based Princeton Digital invests in, develops, and operates data center infrastructure in countries including China, Singapore, India, and Indonesia. It runs 18 data centers in 12 cities. Warburg Pincus invested in and helped set up the company in 2017, along with Princeton Digital Chairman and CEO Rangu Salgame and COO Varoon Raghavan.
Princeton Digital procured a $360 million equity investment led by the Canadian pension fund Ontario Teachers’ Pension Plan in 2020. It obtained a $230 million debt refinancing in 2021 to support its $1 billion expansion plans in China.
Digital infrastructure has become critical to the global economy, with data centers supporting everything from video streaming that enables remote working to online gaming and social media.
The appetite for data centers has also prompted further consolidation in the industry.
China’s GDS Holdings Ltd GDS plans to acquire GLP Pte’s data centers business in a potential multibillion-dollar deal.