Oaktree-backed ITG jumps in Nasdaq debut, signaling strong AI infrastructure demand

July 1 : ITG's shares rose 12.5 per cent in their Nasdaq debut on Wednesday, giving the Oaktree-backed digital infrastructure company a market value of $2.18 billion, as investors continued to back firms tied to the AI boom.

The debut adds to signs that investor appetite for companies supporting the AI buildout remains robust, as hyperscalers and technology firms pour billions into expanding data centers to meet soaring demand for AI computing.

"The current buzz around the AI and data center theme helped ITG to go public, with investors still looking for companies that can benefit from the rising demand around digital infrastructure," IPOX Research Associate Lukas Muehlbauer told Reuters.

The Hendersonville, Tennessee-based company's shares opened for trading at $18, above its IPO price of $16 per share.

Founded in 2013, ITG supplies outsourced network services to broadband, fiber and wireless providers, as well as data center operators and utilities.

"ITG's listing shows how investors are still willing to support mid-cap infrastructure businesses if it comes with clear exposure to the AI investment cycle," said Cristiano Dalla Bona, co-head of equity capital markets at Mergermarket.

The company, which competes with Quanta Services, MasTec and Dycom Industries, reported revenue of $333.9 million for the three months ended March 31, 2026, its ​latest regulatory filing showed.

ITG's revenue remains skewed toward a few clients, with Comcast and Charter Communications accounting for about 60 per cent last year.

The listing suggests that the broader U.S. IPO market has regained momentum, with improving investor sentiment and strong demand for high-growth sectors such as AI encouraging more companies to go public.

"We will see additional digital infrastructure, connectivity, power and other AI-adjacent businesses consider public listings if market conditions remain supportive," Dalla Bona added.

Software firm Bending Spoons and Uber-backed electric scooter maker Lime were among the companies that also debuted on Wednesday.