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01 Feb 2021 | 16:31

Digital 9 Infrastructure will raise funds to invest in key internet infrastructure

(Sharecast News) - Investment trust Digital 9 Infrastructure will pursue a listing on the Specialist Fund Segment of the London Stock Exchange's main market. The listing will be carried out via an initial placing and offer for subscription of 400m shares at 100p each.

Managed by Triple Point Investment Management, Digital 9 will invest in the digital infrastructure assets needed to deliver a reliable and functioning internet.

The company described the assets, including subsea fibre, data centres, terrestrial fibre, tower infrastructure and small cell networks as "future proofed, non-legacy".

Triple Point was described as an "experienced" manager with more than £1.8bn of private, institutional and public capital.

Akur Limited would act as financial adviser and JP Morgan Securities as global coordinator and sole bookrunner.

As much as £160m of the proceeds from the initial public offering would be funneled on or shortly after the flotation into Aqua Comms, the platform operating approximately 20,000 kilometres of the "most reliable and resilient" trans-Atlantic sub-sea fibre systems.

Investment would focus on businesses and assets with medium-to-long term contracted revenues.

Digital 9 would target a net total accounting return of 10% per year, including an initial 6% annual dividend yield and progressive thereafter.

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