Las Vegas-based company Switch, a data center operator, has gone public on the New York Stock Exchange under the ticker SWCH. After evaluating its IPO over the proposed run at $17, the organization shut at $20.73, up very nearly 22 percent. The organization brought in $531 million in its offering.
Here’s how Switch depicts itself in its filing: “We believe we are a pioneer in the design, construction and operation of some of the worlds most reliable, secure, resilient and sustainable data centers. 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 percent renewable energy.”
Switch has more than 800 clients and considers eBay its largest competitor. The organization managed to acquire $318 million in income a year ago, up from $266 million the year prior. Profits were affected and went down from $73 million in the year 2015 to $31 million in the year 2016.
The principal half of this current year saw $35 million in profits, equal to a similar period in 2016. Switch will likewise issue Class B and Class C shares that will empower officials and investors to hold a dominant part of its voting rights after the IPO.
Intel Capital was the biggest venture capitalist to invest, claiming 5.3 percent preceding the IPO. Switch has raised an undisclosed amount of subsidizing since formed in 2000. Goldman Sachs, J.P. Morgan, BMO Capital Markets and Wells Fargo Securities were the financiers guaranteeing the IPO. Latham and Watkins and Goodwin Procter filled in as counselors.
“We now live in a world that is being directed and powered by data: billions upon billions of transactions taking place in mission critical seconds,” Chief Executive Rob Roy wrote in the company’s S-1 filing. “Exponentially expanding data is being created in real time, all the time. At Switch we know what the value of data is and what its applied analytics require.”A multi-class share structure will allow Roy to maintain control of the company he founded, as his shares will have 10 times the voting rights of common shares.