Data center operator held it’s initial public offering on Thursday.
Switch 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, 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.
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The company, which also operates data centers in Michigan and Reno, Nev., posted net income of $ 35.3 million for the six months ended June 30, flat compared with the year-ago period.