Switch IPO A Success
Investors sent Switch Incorporated stock up nearly 22 percent in its first day of trading Friday as a public company, although its stock value dropped a bit in trading Monday.
The Las Vegas-based tech company priced its initial public offering at $17 a share and sold more than 31 million shares, raising more than half a billion dollars.
Shares reached $24.90 on Friday before opening Monday at $19.99 and finishing the day at $19.03.
Switch, whose major customers include Amazon and PayPal, manages data by renting out its cloud service infrastructures on a contractual basis.