Asian Firm DayOne Said to Pick Banks for $5 Billion US IPO (2)

DayOne Data Centers Ltd. has selected banks to help arrange a US initial public offering that may raise about $5 billion, according to people familiar with the matter.

The Singapore-based data center operator has chosen JPMorgan Chase & Co. and Morgan Stanley to work on the share sale, the people said, asking to not be identified because the information is private. Bank of America Corp. and Citigroup Inc. are also working on the deal, the people said.

DayOne, backed by Chinese data center operator GDS Holdings Ltd., has been targeting a valuation as high as $20 billion in a ...