Australian data center firm AirTrunk plans to push its initial public offering (IPO) into 2027 due to high interest rates and market volatility.

Bloomberg and Dow Jones report that the Blackstone-backed REIT had planned to list this year to raise $1.5 billion, with the company originally expecting to formally gauge investor interest this October.

AirTrunk operates data centers in Australia, Hong Kong, India, Japan, Malaysia, and Singapore.

Alongside delaying its Singapore IPO, AirTrunk has considered raising its REIT yield by 0.5 percentage points to six percent.

The timing change comes a week after Philippine telecommunications firm PLDT pushed back the IPO for its data center REIT.

Also this month, Australian neocloud Firmus canceled its IPO due to a lack of investor demand. The company had hoped the listing would raise $5bn, making it one of the largest in Australian Stock Exchange history, but it failed to gain investor support despite a share price cut.