Switch jumps by almost half in its trading debut after raising $531 million in IPO
Listing is the third-biggest technology IPO this year in the US
Traders work on the floor of the New York Stock Exchange.
Switch Inc jumped by almost half in its trading debut after raising $531 million in an initial public offering, the third-biggest technology IPO this year in the US.
Shares climbed 33 percent to $22.57 at 11:28 am in New York Friday, giving the company a market value of more than $5.4 billion. The shares rose as much as 46 percent. The Las Vegas-based data centre company sold 31.25 million shares for $17 each Thursday after marketing them for $14 to $16 apiece.
Switch designs, constructs and operates data centres and has been profitable for at least the past four years, it said in a regulatory filing. The company posted 2016 net income of $31.4 million on revenue of $318.4 million. The previous year, it had net income of $73.5 million on revenue of $265.9 million.