Singapore - BDx Data Centers is considering a public listing as one way to raise capital for expansion across Asia, according to CEO Mayank Srivastava. The firm, which builds and operates facilities for cloud providers and large enterprises, is weighing all funding avenues and has not committed to a timeline or a listing location.
"All options are on the table," Srivastava said in response to whether an initial public offering was being contemplated. He added that the company’s decisions will be guided by the amount of capital required for growth, but did not provide further specifics on structure or timing.
BDx’s deliberations come at a time when public-market activity in the data center sector has picked up. Industry peers are exploring market listings in the region, with some considering real estate investment trust structures for their data center assets and others planning local listings. Those moves underscore a broader interest in funding models tailored to large-scale infrastructure.
Founded in 2019, BDx develops and runs data centers across Asia for cloud companies and sizeable corporate clients. The company is backed by I Squared Capital, the global infrastructure investor founded in 2012, which the article notes manages $60 billion in assets.
Srivastava described demand in the sector as robust and expanding beyond the largest cloud providers. He said newer entrants that lease AI compute capacity to business customers are contributing to that demand, complementing traditional cloud clientele.
Strategically, BDx prefers building new facilities rather than pursuing acquisitions, citing high takeover prices as a deterrent to buying existing assets. The company is assessing potential expansion opportunities across the Asia-Pacific region but is focusing on markets reachable within roughly a five-hour flight from Singapore.
When evaluating sites, BDx places primary emphasis on reliable power supply, the pace of market growth and the availability of local technical talent. Indonesia has emerged as a key target market: Srivastava said BDx has secured 1.2 gigawatts of grid power across two Indonesian sites and has started construction on one location for a large customer.
Asked about media reports that I Squared was exploring a sale of its stake in BDx, Srivastava declined to comment.
The company’s options for raising growth capital remain open. No further details on potential listing venues, transaction structure or timing have been announced.