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Switch Raises Big Money in Year’s Second Biggest Tech IPO

October 5, 2017, 11:37 PM UTC

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.

Las Vegas-based Switch, whose major customers include, eBay and PayPal, helps enterprises manage data by renting out its cloud service infrastructures on a contractual basis.

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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.

Goldman Sachs, J.P.Morgan, BMO Capital Markets, Wells Fargo Securities were among top underwriters to the offering.