Chinese data center operator Chindata raises $540 million in U.S. IPO

(Reuters) - Chinese data center operator Chindata Group Holdings Ltd on Wednesday raised $540 million in its U.S. initial public offering after it shares were priced at the top end of the targeted range.

The firm, which is backed by private- equity firm Bain Capital, sold 40 million American depositary shares at $13.50 per share.

The company had marketed a price range of $11.50 to $13.50, according to its filing.

Chindata Group provides business solutions such as data centers, network and IT value-added services in major countries and regions in Asia-Pacific emerging markets.

Its listing comes amid rising U.S.-China tensions, which has forced a number of Chinese companies to reconsider their listings on U.S. exchanges.

The shares are expected to start trading on the Nasdaq later in the day under the symbol “CD.”

U.S. IPO market has seen a strong rebound after grinding to a halt six months ago due to the economic uncertainty created by the COVID-19 pandemic. Technology listings have been at the forefront of this recovery.

Morgan Stanley & Co. LLC and Citigroup Global Markets Inc were the joint bookrunners for the IPO.

Reporting by Madhvi Pokhriyal in Bengaluru; Editing by Anil D’Silva