Data centres in Asia Pacific have been valued at 18-20 times their contracted EBITDA while sources said transactions like Blackstone and CPPIB’s $16 billion acquisition of Australia’s AirTrunk in September 2024 had valued the target at 22-23x its contracted EBITDA. STT GDC too is expecting similar multiples for its business. It expects at least $5 billion, a slight discount to its IPO value.