Data centre provider Csquare is targeting a valuation of up to US$4.18-billion in its U.S. initial public offering, riding a wave of investor enthusiasm for companies expected to benefit from the artificial intelligence boom.
The Dallas-based company said on Monday it aims to raise up to US$1.35-billion in the IPO by offering 50 million shares at US$23 to US$27 apiece.
New listings in the U.S. have picked up after geopolitical tensions briefly cooled issuance earlier this year, while surging demand for AI computing infrastructure has boosted investor interest in data centre operators.
AI chipmaker Cerebras Systems’ CBRS-Q shares surged in their market debut in May after the company raised US$5.55-billion in its IPO, with the market now awaiting potential blockbuster listings from Anthropic and OpenAI.
Founded in 2019, Csquare owns and operates 64 data centre sites across 21 metropolitan markets in North America and the U.K., providing co-location and connectivity services to enterprises, cloud providers and telecommunications companies, according to its IPO filing.
The company said it plans to use most of the IPO proceeds to repay debt, with the remainder allocated for general corporate purposes, including acquisitions, working capital and capital expenditures.
After the offering, Brookfield BN-T will control about 67 per cent of Csquare’s voting power through entities it manages or controls.
Csquare intends to list on the New York Stock Exchange under the ticker symbol “CSQR.” Morgan Stanley, TD Securities, Wells Fargo Securities and BofA Securities are among the underwriters to the offering.