LIAN weighs $500 million IPO to expand AI data center infrastructure

LIAN Group, a Luxembourg-based developer of infrastructure for artificial intelligence and computing, is considering an initial public offering that could raise about $500 million.

The company is working with STJ Advisors to hire banks for a potential listing next year, Managing Partner Fiorenzo Manganiello said. LIAN is considering a listing in Europe or the United States, but no final decisions have been made and the offering size could change.

A European listing would give the region’s capital markets another opportunity to capture investor demand for AI-related companies. Data center operator Csquare raised $1.21 billion in a New York IPO in July, while Blackstone raised $2 billion in May for a vehicle focused on data center acquisitions.

Manganiello founded LIAN less than a decade ago with entrepreneur Nessim-Sariel Gaon to build digital infrastructure in Europe. The company’s projects include PolarDC, a Norwegian data center platform in which HIG Capital acquired a majority stake in 2024.

LIAN has also launched Anan, a data center platform in Israel. The potential listing would provide capital for the company’s expansion as demand grows for facilities that support AI computing.

The plans remain preliminary. LIAN has not selected a market, finalized the banks involved or set the size of the offering, and the company could ultimately decide not to proceed.