Switch Makes its Debut in the Market

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.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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