OSLO: Magnora Data Center ASA, a subsidiary of Magnora ASA, begins trading Monday on the Euronext Growth Oslo exchange under the ticker symbol MDATA, marking the first publicly listed pure-play data center company in Europe.
The company, formerly a wholly owned subsidiary of Magnora ASA, recently completed a private placement that raised gross proceeds of 650 million Norwegian kroner. Magnora ASA now holds a 52.7% stake in the data center firm, a statement said.
“We are very pleased with the strong investor interest in Magnora Data Center ASA,” Executive Chairman Erik Sneve said in a statement. Sneve also serves as CEO of Magnora ASA. “The private placement last week was multiple times oversubscribed and raised the full NOK 650 million we targeted. The broad and international interest from high-quality institutional investors reflects confidence in the company, our capabilities and the growth opportunity the European data center market represents.”
The private placement drew interest from large institutional investors globally as well as Nordic asset managers including DNB Asset Management, Nordea Asset Management AB and FIRST Fondene.
Magnora Data Center holds a project portfolio of gross 585 megawatts across Norway, Sweden, Finland and Italy, supporting growing demand for data processing, cloud services and artificial intelligence applications. The company said proceeds from the private placement will accelerate project origination, development and investments.
“There is an enormous demand for AI compute capacity globally and Europe is setting firm goals to catch up,” Sneve said. “The listing of Magnora Data Center is an opportunity for both institutional and retail investors to take part in the growth of the European data center market supporting the AI revolution.”
