Switch Inc's IPO prices at $17 per share

(Reuters) – Switch Inc (SWCH.N) raised about $ 531.3 million from its initial public offering which was priced at $ 17 per share, making the data-center operator the second-largest U.S. technology listing this year.

The 31.3 million Class A share offering was priced above the proposed $ 14 to $ 16 per share range, giving it a market value of as much as $ 4.2 billion.

Switch Inc, which was incorporated in June for the purpose of issuing the Class A shares in this offering, intends to use the proceeds to buy out investors in Switch Ltd and take control of it as a holding company.

Las Vegas-based Switch Inc, whose major customers include Amazon.com Inc (AMZN.O), eBay (EBAY.O) and PayPal Inc (PYPL.O), helps enterprises manage data by renting out its cloud service infrastructures on a contractual basis.

The company, which also operates data centers in Michigan and Reno, Nevada, posted net income of $ 35.3 million for the six months ended June 30, flat compared with the year-ago period.

Goldman Sachs & Co, J.P.Morgan, BMO Capital Markets, Wells Fargo Securities were among top underwriters to the offering.

Reporting by Nikhil Subba and Munsif Vengattil in Bengaluru; editing by Diane Craft

Our Standards:The Thomson Reuters Trust Principles.

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Maria Dehn

Maria Dehn has held editorial management positions for numerous print and Web publications. She has more than 17 years of Information Technologies and journalism experience and has written many reports on cloud computing. You can reach her on Twitter @MariaDehn

Maria Dehn

Maria Dehn

Maria Dehn

Maria Dehn

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Maria Dehn

Maria Dehn has held editorial management positions for numerous print and Web publications. She has more than 17 years of Information Technologies and journalism experience and has written many reports on cloud computing. You can reach her on Twitter @MariaDehn