Data-center operator Switch just made its public debut on the stock market and had a solid day of gains on its first trading day.
The Las Vegas-based company, which trades under the ticker symbol SWCH on the NYSE, saw its shares gain over 22%.
Switch had valued its IPO at around $4.2 billion with 31.3 million shares and was able to raise $531.3 million in the offering at share prices at $17.
According to Renaissance Capital, Switch’s IPO is the largest technology IPO in the USA since Snap made its debut back in March.
Shares of the stock opened at $21.70 and closed at $20.84 on Friday.
Switch rents cloud service infrastructure to clients that include e-commerce giant Amazon.
In the six months ended June 30, the company saw net income of $35.3 million.
Goldman Sachs & Co, BMO Capital Markets, Wells Fargo Securities, and J.P. Morgan were the underwriters for the IPO.
Disclaimer: We have no position in Switch (NYSE: SWCH) and have not been compensated for this article.