Global data center operator DayOne is weighing a dual IPO listing in New York and Singapore, amid scrutiny of Chinese-origin firms using Singapore as an international base.
A spin-off of a Shanghai-based company, DayOne is headquartered in Singapore and aims to raise $5 billion as the city-state introduced new rules to boost Asian IPOs, the Financial Times reported. The proposed listing comes as Beijing cracked down on Meta’s purchase of Chinese AI startup Manus, which had relocated there — a practice dubbed “Singapore-washing.”
DayOne’s investors, however, don’t expect Chinese regulators to target the company’s IPO, which is set to be one of Singapore’s biggest listings in 10 years, though Reuters reported that DayOne’s plans are not yet concrete.