NEW YORK, June 22, 2026, 14:05 (EDT)
- ITG is selling 19.5 million Class A shares with a price range of $19 to $22, which would value the Oaktree-backed digital infrastructure contractor at up to $2.67 billion at the high end.
- The deal is coming as the U.S. IPO calendar fills up, with Lime and Sinda also kicking off roadshows Monday.
- The filing outlines a straightforward growth pitch, but it’s not so simple. Customer concentration is high, the backlog can be canceled, and proceeds will pay down debt. These points are likely to be key focus areas for investors.
ITG, backed by Oaktree, is looking to bring in up to $429.3 million through a Nasdaq IPO, according to its filing Monday. The contractor builds and maintains broadband and data infrastructure.
The company is looking to sell 19,512,196 Class A shares at $19 to $22 each, aiming for a Nasdaq Global Select Market listing under “ITG.” That would value the company at about $2.67 billion at the top end of the range. SEC
Timing is key. IPO buyers lately have favored companies in artificial intelligence, data centers, and network build-outs, but they keep a close eye on leverage, ownership, and whether the IPO cash goes toward expansion or to cut debt. Reuters said ITG is among firms pushing to list while the market is still receptive ahead of the summer slowdown.
ITG said in its release it plans to use the net proceeds to pay down amounts owed under its revolving credit facility and term loan, putting any leftover cash toward general corporate purposes. The registration statement is filed but not yet effective. ITG said the deal’s completion, size and terms still depend on market conditions.
ITG sells end-to-end services for broadband, fiber, wireless, data center, utility and civil infrastructure customers. The company provides crews, handles engineering, and keeps up with network maintenance. According to its filing, ITG completes over 8,000 daily work orders on average nationwide.
ITG reported 2025 revenue of $1.15 billion, up from $998 million in 2024. Net income dropped to $6.2 million from $28.3 million on higher interest and operating costs. For the first quarter of 2026, revenue reached $333.9 million, compared with $225.4 million a year earlier. ITG swung to a net loss of $13.2 million.
The deal math stands out. IPO buyers coming in are set to get about 16.10% of economic interests after the deal, before the overallotment option. Take the 19.5 million shares and that percent stake, and you land at around 121 million post-offer economic interests. At $22 a share, that points to the $2.67 billion headline valuation. Meanwhile, the filing shows $376 million in offering proceeds on the pro forma and about $361 million earmarked for debt paydown, so about 96 cents of each base-deal dollar is going to borrowings rather than capex.
ITG is sitting on a big backlog, but it’s not cash in the bank. The company in its filing calls backlog the revenue it expects from master service agreements and other deals, with next-12-month backlog being what’s likely to come in over the next year. As of March 31, 2026, backlog totaled $3.06 billion, with $1.43 billion slated for the upcoming 12 months. But in the same section, ITG flags that most contracts don’t lock in minimum buys and can be scrapped quickly or with little warning.
The customer mix is a swing factor. Comcast made up 37% of first-quarter 2026 revenue, while Charter was 24%, according to the filing. That brings ITG scale from two large cable and broadband customers. But if either customer changes its build plan, capex or vendor roster, ITG’s numbers could shift fast.
ITG says it’s seeing actual demand. The filing points to more data, fiber-to-the-home builds, AI data centers, and denser networks. Data centers mean more fiber traffic, but what matters for investors is just how much of that money goes to outside contractors, the margins on that work, and the timing.
Competition is already out there. ITG points to Dycom Industries, MasTec, and Quanta Services as rivals, linking the IPO to a set of public firms that let investors play utility, telecom, and power-line construction. So the message isn’t only about “AI infrastructure.” Labor supply, faster permitting, customer spending cycles, and how much major buyers want to outsource all factor in. SEC
The equity setup is worth a look here. ITG plans to use an “Up-C” structure, a model private-equity-backed firms often pick. It lets pre-IPO owners hang onto their partnership stakes and put public investors in corporate shares. After the deal, continuing equity holders are set to control about 83.90% of the voting and economic rights. There’s also a tax receivable agreement, so ITG will have to pay roughly 85% of some tax benefits to those owners. SEC
Morgan Stanley, Citigroup, UBS Investment Bank and Stifel are joint bookrunners and reps for the offering. BofA Securities, Baird, Santander, KeyBanc Capital Markets and Truist Securities join as joint bookrunners too. Houlihan Lokey, BTIG, Capital One Securities and Regions Securities are named as co-managers.
