Blackstone’s data centre operator AirTrunk is preparing to file confidentially for a Singapore-listed real estate investment trust (REIT) IPO, according to a Bloomberg report, citing people familiar with the matter.

The company could submit a draft registration to the Monetary Authority of Singapore and the Singapore Exchange as early as this week, sources spoke to Bloomberg.

AirTrunk was reportedly looking to raise about US$1.5 billion from the listing. If completed at that size, it would be Singapore’s largest IPO since 2017.

The timing has not been finalised and could still change, the report said.

Founded in 2015, AirTrunk operates data centres across markets including Australia, Hong Kong, India, and Singapore.

Blackstone and Canada Pension Plan Investment Board acquired the company in a deal valued at A$24 billion, or about US$16.6 billion.

AirTrunk has also continued to expand across key markets. Earlier this month, the company was reported to be in talks with lenders for an A$4.3 billion, or US$3 billion, financing package to support a new hyperscale data centre campus in Australia.

In India, AirTrunk recently received a letter of intent for land allotment in Maharashtra, advancing plans for a proposed ₹2 lakh crore (US$23.4 billion) data centre development with 3GW of planned capacity.

AirTrunk is working with Citigroup, DBS, and Jefferies Financial Group on the planned IPO, according to the report.

REITs have emerged as a suitable vehicle for data centre operators because the assets can generate long-term, recurring income from contracted tenants, making them attractive to yield-focused public investors.

For operators and sponsors, the structure can also help recycle capital from mature assets, lower funding costs, and separate income-producing facilities from riskier new developments, allowing them to raise public-market capital while continuing to expand privately.

Southeast Asia has seen new data centre REITs over the past year. Most recently, PLDT’s data centre unit VITRO is seeking to raise up to PHP24.2 billion, or US$395 million, through a proposed REIT listing in the Philippines.

Last year, NTT DC REIT raised around US$773 million, or S$988 million, in its IPO, marking the largest REIT listing on the Singapore Exchange in more than a decade.