Switch celebrates initial public offering by ringing the opening bell at the NYSE

Christina Medici Scolaro
Key Points
  • Switch raises $531.3 million in initial public offering.
  • The founder and CEO will have a majority of the voting power, due to a special share class, limiting the rights of minority investors.
  • It trades under the ticker symbol SWCH.
Switch celebrates initial public offering and gets the trading day started by ringing the opening bell

Data-center tech company Switch celebrated its initial public offering by ringing Friday's opening bell at the New York Stock Exchange.

The Las Vegas-based company raised about $531 million from the IPO. Shares began trading at $17, above the proposed range of $14 to $16 per share.

The company intends to use the proceeds from the IPO to buy out investors in Switch Ltd. and take control of it as a holding company.

Founder and chief executive, Rob Roy, developed Switch on the sustainable growth of the Internet in 2000. Roy developed more than 350 issued and pending patent claims covering data center designs. Switch uses clean and renewable energy to power data centers.

Amazon, eBay and PayPal are on the company's roster of clients.

It trades under ticker symbol SWCH.

Goldman Sachs, JPMorgan Chase & Co, Bank of Montreal and Wells Fargo were among underwriters for the offering.