Digital infrastructure company ITG, which is backed by Oaktree Capital, announced on Tuesday that it has priced its US initial public offering at $16 per share. This price point is below the company's initial target range, and the offering has raised a total of $312.2 million.

The company sold 19.5 million shares in the offering. The original pricing range had been set between $19 and $22 per share.

ITG provides comprehensive end-to-end digital infrastructure services across the United States. These services support the planning, construction, operation, and maintenance of broadband networks, wireless systems, data centers, and utility and civil infrastructure.

Demand for the company's services is growing as high-speed broadband becomes an essential public utility and as artificial intelligence firms invest billions of dollars to build the data centers required for their technologies.

In 2021, investment firm Oaktree Capital Management partnered with ITG's management team to acquire the company.

The joint book-running managers for the offering were Morgan Stanley, Citigroup, UBS Investment Bank, and Stifel.

ITG shares are scheduled to begin trading on the Nasdaq exchange on Wednesday under the ticker symbol "ITG".