ASX-listed Macquarie Technology Group is seeking $130 million through a non-underwritten institutional placement to pursue growth opportunities for its data centre business, the company announced today.
Due to the fund raising announcement, Macquarie shares have entered a trading halt.
Around 2.22 million shares with a fixed offer price of $58.50 each will be issued this week to raise the fund, with Canaccord Genuity being the lead manager for the offer.
Macquarie pointed to organisations moving data and software to the cloud as a megatrend driving demand for more data centres, along with artificial intelligence.
The operator currently has five operational data centres and is developing a major facility on Sydney's North Shore.
Its earnings outlook for the data centre business is expected to be $32 to $33 million for the full 2023 financial year.
The Macquarie Data Centres division accounts for 17 per cent of group revenue, and almost a third of earnings before tax.
In February this year, Macquarie said it would stake growth on the data centre business.
Formerly listed as Macquarie Telecom Group, the company rebranded as the Macquarie Technology Group in April this year.
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