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.



Latest news

Astros take 1-0 lead in ALDS behind Altuve's three homers
By then the non-waiver trade deadline had passed, seemingly eliminating the possibility that more major trades would be completed. The pitching matchup pits the aces of the two squads against each other, Chris Sale for Boston and Justin Verlander for Houston .

No big Marchionne changes at Ferrari - Vettel
Daniel Ricciardo put his vehicle third, just over 0.1seconds behind Hamilton with the second Ferrari of Kimi Raikkonen fourth. But both he and Hamilton also have to contend with a resurgent Red Bull.

How to Watch Italy vs. Macedonia
The Azzurri barely got out of second gear against their stubborn visitors but took a first-half lead through Giorgio Chiellini. The equaliser came when Goran Pandev sent Trajkovski clear and he drove an angled shot wide of the veteran goalkeeper.

Samsung wants you to know how to secure your Galaxy Note8
It should be noted that Google Pixel has got a score of 90 and HTC U11 has also got a score of 90 in the same DxOMark tests. The Samsung Galaxy Note 8 is definitely one of the most expensive and premium Android smartphones in the market right now.

Stock You Should Track Today: Brandywine Realty Trust (BDN), Tyson Foods, Inc
As of December 31, 2016, there were approximately 2,900 leases with tenants providing a range of retail products and services. Federal Realty Investment Trust, launched on May 21, 1999, is an equity real estate investment trust (REIT). (NYSE:DLR).

Other news