Digital infrastructure firm ITG priced its U.S. IPO at $16 per share on Tuesday, falling short of its targeted $19-$22 range while still managing to raise $312.2 million. The company sold 19.5 million shares in the offering, marking a notable pullback from initial expectations amid cautious market conditions for infrastructure stocks.

Backed by Oaktree Capital Management, which acquired the firm in 2021 alongside management, ITG provides comprehensive digital infrastructure services across broadband, wireless, data centers, utilities and civil projects. The company has positioned itself to capitalize on the surge in demand for high-speed connectivity and data center construction driven by AI technology investments.

Four major banks led the deal as joint bookrunners, including Morgan Stanley, Citigroup, UBS Investment Bank and Stifel. ITG will begin trading on the Nasdaq Wednesday under the ticker symbol "ITG," giving public investors exposure to the digital infrastructure buildout.

The pricing suggests investors demanded a discount despite the company's strategic positioning in essential infrastructure sectors. This could indicate broader market skepticism toward growth stories in the current environment, even as AI-driven data center demand continues expanding.

Morgan Stanley, Citigroup, UBS Investment Bank and Stifel served as joint bookrunners. Trading begins Wednesday on Nasdaq under ticker "ITG."