Nordic Data Center Group ASP Is Said to Weigh Oslo IPO

AI infrastructure developer ASP Data Center AS is considering an initial public offering in Oslo that could raise the equivalent of about $100 million, according to people familiar with the matter.

The Norwegian company is sounding out prospective investors to gauge their interest in a possible IPO, said the people, who asked not to be identified because the discussions are private. A listing could take place as soon as this year, one of the people said.

ASP is working with investment bankers at Arctic Securities AS and DNB Carnegie Holding AB on the preparations, the people said. Last month, the banks helped the company raise 1.6 billion Norwegian kroner ($167 million) from a bond sale to fund growth.

ASP, Arctic and DNB Carnegie didn’t immediately respond to requests for comment.

No final decisions have been made, and there’s no certainty that ASP will proceed with an IPO, the people said.

ASP’s parent, ASP Eiendom AS, said in February that it would explore strategic options for its majority stake, including a full sale of the company.

ASP develops data center infrastructure for AI and computing. The company has an order backlog of 2 billion kroner, according to a recent press release.

Should it proceed with a listing, ASP would be among the first AI-related IPOs to take place in Europe since the rapid adoption of the nascent technology spurred a listings boom in North America and Asia.

Luxembourg-based data-center developer LIAN Group is also considering an IPO next year that could raise around $500 million, Bloomberg News has reported.