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
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.