BY EMMANUEL OGBONNA
Digital infrastructure company ITG is aiming for a valuation of as much as $2.67 billion as it prepares to make its debut on the Nasdaq, becoming the latest company to take advantage of a strong U.S. market for initial public offerings driven by surging demand for artificial intelligence infrastructure and investor enthusiasm for technology-related businesses.
The Tennessee-based company announced Monday that it plans to raise up to $429.3 million through its initial public offering by selling 19.5 million shares priced between $19 and $22 each. ITG intends to trade on the Nasdaq under the ticker symbol “ITG.”
The offering comes during one of the busiest periods for new U.S. stock listings this year, as companies seek to capitalize on favorable market conditions before the traditional slowdown in IPO activity during the summer months. Investor confidence has strengthened following several successful public offerings in recent weeks, encouraging more businesses to move forward with long-awaited listing plans.
ITG’s planned debut follows a wave of companies entering the public markets, with businesses across technology, infrastructure and industrial sectors seeking fresh capital to fund expansion. On the same day ITG launched its investor roadshow, Uber-backed electric bicycle company Lime and silver mining company Sinda also began marketing their own U.S. initial public offerings, highlighting the growing momentum in the IPO market.
Founded in 2013 and headquartered in Hendersonville, Tennessee, ITG specializes in providing outsourced infrastructure services for broadband providers, wireless telecommunications companies, fiber network operators, utilities and data center developers.
The company supports the construction, installation and maintenance of broadband communications networks across 49 U.S. states, making it one of the nation’s largest providers of digital infrastructure services. Its work includes building and expanding fiber-optic networks, upgrading communications systems and helping customers deploy the high-capacity networks required to meet rapidly growing internet demand.
ITG operates in a competitive industry alongside several well-established infrastructure companies, including Dycom Industries, MasTec, Primoris Services and Quanta Services. Despite the competitive landscape, the company has benefited from sustained investment in broadband expansion and digital connectivity across the United States.
Demand for ITG’s services has accelerated in recent years as high-speed internet access has become an essential part of everyday life for households, businesses and government agencies. Continued growth in video streaming, cloud computing, remote work and digital services has significantly increased data usage, driving the need for expanded broadband capacity and modern telecommunications infrastructure.
The rapid expansion of artificial intelligence technologies has provided an additional boost to the industry. AI applications require enormous computing power, prompting technology companies to invest heavily in new data centers and advanced computing facilities. Those facilities depend on high-bandwidth fiber networks and reliable communications infrastructure, creating additional demand for companies like ITG that build and maintain those systems.
As major technology firms continue investing billions of dollars in AI infrastructure, digital infrastructure providers are expected to play a critical role in supporting the next generation of high-speed data transmission and network capacity.
While ITG serves a broad range of telecommunications and infrastructure customers, its revenue remains concentrated among a small number of major clients. Comcast and Charter Communications together accounted for approximately 60% of the company’s total revenue during the past year, underscoring both the strength of its relationships with leading broadband providers and its dependence on a limited number of large customers.
The company also enters the public market with a substantial pipeline of future work. At the end of 2025, ITG reported a backlog valued at approximately $2.9 billion. Of that total, roughly $1.3 billion is expected to be completed during the next fiscal year, providing the company with significant revenue visibility as demand for broadband and AI-related infrastructure continues to grow.
ITG has expanded rapidly since investment firm Oaktree Capital Management acquired the business in partnership with its management team in 2021. Under Oaktree’s ownership, the company has pursued an aggressive growth strategy, completing 12 acquisitions that broadened its geographic footprint, expanded its service offerings and strengthened its position within the digital infrastructure sector.
The acquisition strategy has enabled ITG to increase its capabilities while positioning itself to benefit from long-term trends in telecommunications, broadband expansion and artificial intelligence infrastructure spending.
The company’s initial public offering is being led by a group of major investment banks, including Morgan Stanley, Citigroup, UBS Investment Bank and Stifel, which are serving as joint bookrunners for the transaction.
With governments, telecommunications providers and technology companies continuing to invest heavily in broadband networks and AI infrastructure, ITG is entering the public markets at a time when demand for digital connectivity remains strong. Investors will be closely watching the offering as another indicator of the strength of the U.S. IPO market and the growing appetite for companies positioned to benefit from the global expansion of artificial intelligence and next-generation communications networks.