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Csquare raises $1.05 billion in US IPO for AI data centers
The Dallas-based company sold 50 million shares at $21 each, valuing it at about $3.25 billion, and its stock begins trading on the NYSE July 16 under ticker CSQR.
Csquare, a data center provider, raised $1.05 billion in its U.S. initial public offering as investors continued to back companies expected to benefit from the artificial intelligence boom, according to Reuters.
The company sold 50 million shares at $21 apiece, below its marketed range of $23 to $27, valuing it at about $3.25 billion. Shares are expected to begin trading on the New York Stock Exchange on July 16 under the ticker symbol CSQR.
Csquare, founded in 2019, owns and operates 64 data center sites across 21 metropolitan markets in North America and the UK, offering co-location and connectivity services to enterprises, cloud providers, and telecommunications companies. The company said proceeds will be used to repay part of its outstanding indebtedness and cover offering fees and expenses.
After the offering, Brookfield is expected to control about 67% of Csquare's voting power through entities it manages or controls. Reuters also noted the IPO is being conducted through a syndicate of underwriters with Morgan Stanley and TD Securities as representatives.