Switch Inc (SWCH.N) raised about $531.3 million from its initial public offering which was priced at $17 per share, making the data-center operator the second-largest U.S. technology listing this year.
(Reuters) – Switch Inc (SWCH.N) raised about $531.3 million from its initial public offering which was priced at $17 per share, making the data-center operator the second-largest U.S. technology listing this year.
The 31.3 million Class A share offering was priced above the proposed $14 to $16 per share range, giving it a market value of as much as $4.2 billion.
Switch Inc, which was incorporated in June for the purpose of issuing the Class A shares in this offering, intends to use the proceeds to buy out investors in Switch Ltd and take control of it as a holding company.
Las Vegas-based Switch Inc, whose major customers include Amazon.com Inc (AMZN.O), eBay (EBAY.O) and PayPal Inc (PYPL.O), helps enterprises manage data by renting out its cloud service infrastructures on a contractual basis.
The company, which also operates data centers in Michigan and Reno, Nevada, posted net income of $35.3 million for the six months ended June 30, flat compared with the year-ago period.
Goldman Sachs & Co, J.P.Morgan, BMO Capital Markets, Wells Fargo Securities were among top underwriters to the offering.
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