ITG IPO: Shares of the Oaktree-backed communications infrastructure provider are now available
Trading has begun in the shares of ITG, a provider of broadband network infrastructure / Photo: ITG
Pre-market trading in shares of ITG—a company backed by the Oaktree fund—began on the Freedom client trading platform after it priced its shares below the initial price range. The company provides design and development services for broadband infrastructure, utilities, and data center operators. Later on July 1, the company’s shares will be listed on the Nasdaq under the ticker symbol ITG.
Details
ITG raised $312 million in its IPO. The company sold 19.5 million shares at $16 each—below the previously announced price range of $19–22, according to Reuters.
"The proceeds from the IPO will be used to repay debt and to support overall corporate growth," the agency reported earlier.
The lead underwriters for the transaction were Morgan Stanley, Citigroup, UBS Investment Bank, Stifel, and BofA Securities.
What is the company known for?
ITG, an American company founded in 2013, provides maintenance services for communication networks, as well as design, development, and deployment services for broadband operators, fiber-optic providers, wireless carriers, utilities, and data center operators.
Reuters cites the rapid expansion of AI data centers as one of the catalysts driving demand for the company’s services. In addition, ITG is supporting the expansion of the broadband sector—including through the U.S. government’s $42.45 billion Broadband Expansion and Access to the Internet (BEAD) program, which aims to provide broadband access in areas where it was previously unavailable.
Overall, the company operates in 49 U.S. states. Its main competitors are Dycom Industries, MasTec, Primoris Services, and Quanta Services, according to Reuters.
ITG’s operating structure is an LLC (limited liability company) controlled primarily by Oaktree Management funds and affiliated entities, notes Seeking Alpha. They acquired ITG in 2021 and subsequently expanded the company’s business through further acquisitions. Under Oaktree’s leadership, ITG has completed 12 acquisitions, according to Reuters.
According to the prospectus filed by the company with the U.S. Securities and Exchange Commission prior to its IPO, in the first quarter of 2026, ITG’s revenue grew by 48% compared to the same period last year, reaching $333.9 million. For the full year, revenue totaled $1.15 billion. Comcast and Charter accounted for 60% of ITG’s revenue, Reuters notes. As of the end of 2025, ITG’s order backlog stood at $2.9 billion, and the company expected to complete projects worth $1.3 billion during the next fiscal year.
As of March 31, 2026, ITG’s cash and cash equivalents totaled $1.6 million, while total liabilities stood at $972 million, of which $766.25 million consisted of various types of debt obligations, according to Seeking Alpha. Free cash flow for the 12 months ended March 31, 2026, was negative at $89.7 million. This consisted of a cash outflow from operating activities of $38.3 million and capital expenditures of $51.4 million.
What People Are Saying in the Market
Seeking Alpha analyst Donovan Jones believes that ITG’s strengths include the company’s presence in 49 U.S. states, its comprehensive turnkey service offering, its focus on long-term service contracts, a large backlog of orders, and its proprietary data analytics platform, FUSE360, which the company uses for decision-making, optimizing operations, and quickly adapting to project needs.
Among the company's weaknesses, Jones highlighted its heavy reliance on large clients, a significant debt burden, and low operating profitability.
According to the analyst, the main drivers of ITG’s growth could be increased demand for the construction of data centers for AI, the company’s expansion into the energy, gas, water, and utilities infrastructure sectors, as well as targeted mergers and acquisitions.
At the same time, Jones warns of risks, including the potential loss of contracts with Comcast and Charter—the company’s key clients— — rising labor costs due to a labor shortage, delays in fulfilling orders from power grid operators, as well as political risks associated with the possible imposition of moratoriums on the construction of data centers. Jones assigned ITG shares a neutral “Hold” rating.
Freedom Finance analyst Alem Bektemirov, in turn, set a target price of $28.5 for ITG shares—which implies a 78% upside potential. The analyst expects ITG’s business growth to accelerate in 2026 thanks to the company’s plans to complete $1.3 billion in orders. Bektemirov cites the expansion of the target market amid demand for AI and an increase in the order backlog as the main drivers of ITG’s growth. Among the key risks, he highlights intense competition and draws attention to ITG’s heavy reliance on its largest customers. Bektemirov notes that in 2024 and 2025, the two main customers, Comcast and Charter, accounted for 68% and 60% of the company’s revenue, respectively. In his view, the loss of either one could negatively impact ITG’s financial position.
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Freedom clients will be able to trade ITG shares before the main trading session opens. Trading will begin in the early pre-market session 2–3 hours before the U.S. markets open (from 3:30 p.m. to 4:30 p.m. Astana time). To participate, click on the ITG ticker.
This article was AI-translated and verified by a human editor
