GDS-Backed DayOne Is Said to Eye $20 Billion Valuation in US IPO

DayOne Data Centers Ltd. is targeting a valuation as high as $20 billion in its planned US initial public offering, people familiar with the matter said, in what would be a substantial increase from recent funding rounds.

The Singapore-based data center operator is seeking to hire banks for the potential share sale, which may take place as soon as this year, the people said, asking not to be identified because the information is private. DayOne is also considering a dual listing in the US and Singapore as an option, some of the people said.

Deliberations are ongoing and no final ...