Switch Inc's IPO prices at $17 per share

Switch Inc's IPO prices at $17 per share

"Our advanced data centers are the center of our platform and provide power densities that exceed industry averages with efficient cooling, while being powered by 100% renewable energy".

Switch Inc. jumped by nearly half in its trading debut after raising $531 million in an initial public offering, the third-biggest technology IPO this year in the U.S.

Data compiled by Bloomberg shows that the only two tech companies that had a large IPO launch were Snap Inc.

Reuters reported yesterday that Switch, which designs, constructs and operates data centres, had offered 31.3 million Class A shares at $17 yesterday, above its proposed guidance of between $14 and $16 per share.

Switch's IPO comes at a time when demand for data centers is increasing due to higher adoption of cloud-based storage.

The company intends to use the proceeds from the IPO to buy out investors in Switch Ltd. and take control of it as a holding company.

Switch founder and Chief Executive Rob Roy, who calls himself an "inventrepreneur", will have almost 68 percent of voting power, the company said. The first half of this year saw $35 million in profit, flat with the same period in 2016.

Switch shares rose as high as $24.71, before trading up 21.5 percent at $20.66 shortly before the close. The stock is traded on the New York Stock Exchange under the ticker symbol SWCH.



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