Switch Inc. (NYSE: SWCH) has raised a total of $531 million in its initial public offering launch on Friday. Shares were priced at $17 per share.The data center company’s IPO launch makes it the third largest U.S. tech listing this year.
Data compiled by Bloomberg shows that the only two tech companies that had a large IPO launch were Snap Inc. (NYSE: SNAP), who had a $3.9 billion launch, and Altice USA Inc. (NYSE: ATUS), who had a $2.2 billion launch.
The Nevada based company designs, manufactures, and operates data center, which has led to successful business. Switch’s major customers include companies like Amazon.com Inc (NASDAQ: AMZN), eBay (NASDAQ: EBAY), and PayPal Inc. (NASDAQ: PYPL).
The company reported in the first half of the fiscal year net income of $35.3 million. In 2016, Switch reported net income of $31.4 million with revenue of $318.4 million. The year before, it had net income of $73.5 million with revenue of $265.9 million.
Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of Montreal and Wells Fargo & Co. are leading the offering, according to filings.
Switch will be listed on the New York Stock Exchange under the symbol SWCH.