Asia data center firm Princeton Digital Group (PDG) is reportedly considering a $400 million fundraising round.

Bloomberg reports the Warburg Pincus-backed firm is considering raising funds from investors in a deal that could increase its valuation to about $2 billion.

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The fundraising plans would reportedly act as a stepping stone ahead of a potential initial public offering in the ‘coming quarters.’

Warburg Pincus invested in and helped set up the Singapore-based company in 2017. The pan-Asian data center firm currently operates or is developing 18 data centers in 12 cities across China, Singapore, India, and Indonesia. In March, PDG announced plans to develop a 48MW multi-story data center campus in Navi Mumbai (New Bombay), India.

PDG has raised just shy of $600 million in the last 12 months. In April the company secured $230 million from China Merchants Bank and set out plans for $1 billion of expansion in China, following an equity investment of $360 million led by Ontario Teachers’ Pension Plan the previous October.

In 2019 PDG bought IO Singapore and a majority stake in Indonesian telecommunications operator XL Axiata’s data center portfolio.