DayOne, the newly independent spin‑off of China’s biggest data‑centre operator GDS Holdings, is preparing a dual listing in Singapore and New York that could raise $5bn. The move would make it one of the largest Singapore IPOs in a decade and a flagship example of SGX’s push for Asian companies to list locally. Investors see the cross‑border float as a hedge against growing geopolitical scrutiny of Chinese‑origin firms.

DayOne originally considered a sole New York float, but Singaporean officials persuaded it to co‑list, valuing the company at roughly $20bn. Banks including BofA, Citi, Morgan Stanley and JPMorgan are advising the deal. The spin‑off, funded last year with $1.2bn from SoftBank’s Vision Fund and Ken Griffin, now controls data‑centre assets across Indonesia, Malaysia, Singapore, Thailand, Hong Kong, Japan and Finland.

Singapore’s recent legislation enabling dual listings aims to attract high‑value firms; analysts expect up to five such IPOs this year. By splitting the offering—at least 15% must sit on SGX—DayOne could match the scale of NTT DC’s July float, the exchange’s biggest since 2017. The dual listing will immediately broaden DayOne’s investor base across Asia and the United States.