ITG, which provides outsourced engineering services to broadband operators and utilities, raised $312 million by offering 19.5 million shares at $16, well below the $19 to $22 range.
ITG provides infrastructure services to broadband, wireless, and utility network operators across the United States. The company operates through two segments: Engineering & Maintenance, which supports ongoing network operations and planned maintenance, and Infrastructure Deployment, which covers the planning, design, and construction of new and expanded networks. ITG serves a diverse customer base including broadband service providers, fiber providers, wireless carriers, data center operators, and public and private utilities, primarily under long-term master service agreements.
The Fort Lauderdale, FL-based company will trade on the Nasdaq under the symbol ITG. Morgan Stanley, Citi, UBS Investment Bank, Stifel, BofA Securities, Baird, Santander, KeyBanc Capital Markets, and Truist Securities acted as joint bookrunners on the deal.
