US data center operator Switch has raised approximately $531.3 million in its Initial Public Offering - more than the company originally planned.
Switch announced its intentions to go public last month, aiming to price 31.3 million Class A shares at between $14 and $16 each, but ended up going for $17.
The IPO, the second largest American tech IPO of 2017 after Snap, gives the company a market value of $4.2 billion.
The company, Switch Inc, plans to use the new cash infusion to buy out investors in Switch Ltd and take control of it as a holding company. CEO and founder Rob Roy will then maintain control, using a multi-class share structure where his have 10 times the voting rights of common shares.
In the run up to the IPO, Switch launched its own pre-fabricated data center line-up, called the Modularly Optimized Design. MOD comes in two versions - one for hyperscale facilities and one for edge deployments. It also agreed a patent deal with Schneider Electric.
But while it has made efforts to diversify, a lot of Switch’s business comes from just one company: eBay. The e-commerce website, and its affiliates, accounted for 13 percent of Switch’s revenue in 2016.
Some of its other large customers include Amazon, online video games company Machine Zone and Verizon.