Switch, Inc. (NYSE:SWCH), a data management company that develops and operates data centers, has completed its recent IPO.
Here are a few things that potential investors may want to know about the Switch IPO.
- The company’s IPO priced its shares at $17 each.
- This is more than the $14 to $16 range that was expected.
- The total amount of funds that was raised in the IPO was $531.3 million.
- This offering included 31.3 million Class A shares.
- The total market value for the Switch IPO could be as high as $4.2 billion.
- It is planning to use the funds from the IPO to buyout investors of Switch Ltd.
- Once it has done this, it will take over as a holding company.
- Some underwriters for the IPO include BMO Capital Markets, Goldman Sachs & Co, J.P.Morgan and Wells Fargo Securities.
- The IPO is the third largest one for a tech company in the U.S. in 2017.
- The two other tech IPOs that were above Switch’s this year were for Snap Inc (NYSE:SNAP) and Altice USA Inc (NYSE:ATUS).
- During 2016, the data management company reported net income of $31.4 million on revenue of $318.4 million.
- Its net income for the first six months of 2017 is $35.3 million.
- Switch is supposed to start trading on the New York Stock Exchange today under the SWCH stock ticker.
As of this writing, William White did not hold a position in any of the aforementioned securities.