J.P. Morgan

Data center services provider Switch surges on its market debut

Switch Inc, the data center provider, rose as much as 45% on the day of its market debut, which helped the company in capitalizing market of more than $5.6 billion, as reported by Reuters. IPO of Switch was priced above the top end of range ($17 per share) previously expected ($14-$16 per share), helping it raise $531.3 million in its initial public offering, which made it the second biggest U.S. technology IPO followed by Snap Inc. that had raised $3.4 billion in March this year, as per data by Thomson Reuters. The company’s shares started trading on the New York Stock Exchange on Friday under the ticker symbol SWCH. Switch is a Las-Vegas based corporation that helps enterprises managing data by leasing its cloud service infrastructures on a contractual basis. A few of the major customers...

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