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Switch Inc. has officially become the third-largest technology IPO this year.
The Las Vegas-based data center company raised $531M after selling 31.25 million shares at $17 each, Bloomberg reports.
Only Snap Inc.’s $3.9B initial public offering and Altice USA Inc.’s $2.2B share sale have come in ahead of the Switch deal.
Switch began listing on the New York Stock Exchange on Friday under the symbol SWCH. Shares soared 44% from $7.42 to $24.42 within the first five minutes, MarketWatch reports.
Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of Montreal and Wells Fargo & Co. are leading the offering.
Despite the IPO, founder, CEO and Chairman Rob Roy will retain 67.7% of the voting power with his ownership of all Class C common stock. Class A and Class B common stock will go to those who own stakes in the company and will provide each owner one vote per share. Switch was careful to structure the IPO to ensure the company’s management would maintain control of the company.
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