Switch Raises Big Money in Year’s Second Biggest Tech IPO

Data center operator held it’s initial public offering on Thursday.

Switch 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, 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, whose major customers include Amazon.com, eBay and PayPal, helps enterprises manage data by renting out its cloud service infrastructures on a contractual basis.

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

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

Tech

Samsung says new U.S. offices are its ‘biggest investment in Silicon Valley’ to date

samsung-new-office-silicon-valley

Samsung officially opened the doors to its new 1.1-million-square-foot Silicon Valley offices Thursday, more than 30 years after its arrival in the San Jose tech corridor in 1983.

The building will house various research labs dedicated to semiconductors, LEDs and displays, staff in sales and marketing, and other support areas, the company said.

“[We are] laying the groundwork for a more aggressive pace of growth over the next several decades,” said Samsung’s chief executive, Dr. Oh-Hyun Kwon, at the grand opening ceremony.

Meanwhile, the company’s president of its U.S.-based device solutions operations, Jaesoo Han, said that the move “represents a major milestone as we open our most strategically important Samsung facility in the U.S., and also our biggest investment in Silicon Valley.”

samsung-office

Samsung also announced that it has established a $ 1 million STEM College Education Scholarship Fund. In its own words:

Deserving university students who are currently enrolled in STEM-focused programs at a California State or University of California school will benefit from this program, beginning with a $ 50,000 gift to San Jose State University this year. Each scholarship will cover tuition and living expenses for one year.

But the announcement of the new office has been largely overshadowed by news in virtual reality today: We reported that the Samsung Gear VR will launch as a consumer product this November for $ 99. (You can read our full roundup from today’s Oculus event here.)

Earlier this week, Samsung unveiled its new fonts-inspired Serif TVs, and shared more about how it relies on startups to stay ahead on technological innovation.

If you happen to be passing through the area, Samsung’s new building certainly looks worth checking out.

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Samsung says new U.S. offices are its ‘biggest investment in Silicon Valley’ to date

samsung-new-office-silicon-valley

Samsung officially opened the doors to its new 1.1-million-square-foot Silicon Valley offices Thursday, more than 30 years after its arrival in the San Jose tech corridor in 1983.

The building will house various research labs dedicated to semiconductors, LEDs and displays, staff in sales and marketing, and other support areas, the company said.

“[We are] laying the groundwork for a more aggressive pace of growth over the next several decades,” said Samsung’s chief executive, Dr. Oh-Hyun Kwon, at the grand opening ceremony.

Meanwhile, the company’s president of its U.S.-based device solutions operations, Jaesoo Han, said that the move “represents a major milestone as we open our most strategically important Samsung facility in the U.S., and also our biggest investment in Silicon Valley.”

samsung-office

Samsung also said that it has established a $ 1 million STEM College Education Scholarship Fund. In its own words:

Deserving university students who are currently enrolled in STEM-focused programs at a California State or University of California school will benefit from this program, beginning with a $ 50,000 gift to San Jose State University this year. Each scholarship will cover tuition and living expenses for one year.

But the announcement of the new office has been largely overshadowed by news in virtual reality today: we reported that the Samsung Gear VR will launch as a consumer product this November for $ 99. (You can also read our roundup from that event here.)

Earlier this week, Samsung unveiled its new fonts-inspired Serif TVs, and shared more about how it relies on startups to stay ahead on technological innovation.

More information:

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