A spin-off of China’s largest data centre operator plans to become one of the first companies to list simultaneously in Singapore and New York in a move that is set to raise $5bn.
DayOne, the former international arm of Shanghai-based GDS Holdings, aims to be a pioneer for a Singapore stock market drive to get more Asian companies listing in the city-state, according to three people familiar with the plans. It is set to be one of the biggest Singapore listings over the past decade.
The proposed IPO comes at a time of intense scrutiny of companies with Chinese origins setting up in Singapore as a means of growing internationally — a practice dubbed “Singapore washing”.
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