Another major IPO made a splash Friday morning as tech company Switch (SWITCH) took off. CNBC report that:
Switch shares jumped more than 25 percent on the stock’s first morning on the market. The data-center operator was valued at around $4.2 billion in a 31.3 million share IPO. The company raised $531.3 million in the offering, with shares priced at $17, above the expected the range of $14 to $16. That makes it the largest U.S. technology IPO since Snap went public in March, according to Renaissance Capital.
The stock has been one of the few big IPO’s to post a winning opening this year. The cloud service provider has now become one of the hottest stock on the day with many investors scrambling to get a piece of the action.
One such investor is little know billionaire Dennis Troesh. Bloomberg report that Troesh, a 70 year old cement tycoon from California, has become an IPO sensation in a few hours:
Investor Dennis Troesh controls 14.7 percent of Switch, which on Friday staged this year’s third-biggest technology IPO in the U.S… founder Rob Roy, according to the Las Vegas-based company’s prospectus. Roy controls a 17.6 percent stake in the business that’s valued at $875 million.
Suddenly, a relatively unknown investor has one of the largest stakes in the third largest tech IPO of the year! This introduces a new heavy hitter to the IPO world, as Troesh’s stake is now worth $600 million according to Bloomberg.
In a world where tech IPO’s can explode in value or disappoint, Switch looks like it has the potential to be a winner. Investors should check the stock out and read up on the company if they are interested in a new tech company to invest in.
To read CNBC’s article on Switch’s IPO, click here.
To read Bloomberg’s article on Dennis Troesh, click here.
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