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Pricing its shares above the top end of the range it previously targeted, data center provider Switch raised $513 million in its initial public offering Thursday. Its shares will start trading on the New York Stock Exchange Friday under the ticker symbol SWCH.
The Las Vegas-based data center provider sold its Class A stock at $17 per share (instead of the expected $14 to $16 per share) in what was the second-largest tech IPO so far this year, following Snap’s IPO in March, in which the social networking company raised $3.4 billion. The offering gives Switch a market value of $4.2 billion, according to Reuters.
Switch operates data centers in Las Vegas; outside of Reno, Nevada; and outside of Grand Rapids, Michigan. It’s also building a data center campus in the Atlanta market and has data center joint ventures in Italy and Thailand.
Switch’s premier customers include eBay (its largest) and Amazon, among about 800 others.
eBay and its affiliates accounted for 13 percent of Switch’s 2016 revenue, which was $318.4 million.
The company’s 2013 revenue was $166.8 million, meaning its compound annual growth rate has been 24 percent over the last three years.
Switch reported $31.4 million in net income for 2016 and $73.5 million in 2015. Its 2015 revenue was $265.9 million.

 

(Bloomberg) — Republican and Democratic leaders of the House Judiciary Committee plan to propose new restrictions on law enforcement’s access to information collected by the National Security Agency, likely setting off a fight with the Trump administration.
The measure, to be introduced Friday, would revise a surveillance law set to expire at the end of the year. The White House has sought to renew it without new limits.
At issue is Section 702 of the Foreign Intelligence Surveillance Act, which dates to former President George W. Bush’s terrorist surveillance program. It sets procedures for collecting surveillance involving non-Americans overseas. Internet service providers and telephone companies can be compelled to cooperate.
Critics from both parties say the program collects information about Americans who communicated with the targets of surveillance, resulting in the government gathering information about citizens who are constitutionally protected from warrantless searches.
Lawmakers, led by Judiciary Chairman Bob Goodlatte of Virginia and the panel’s top Democrat, John Conyers of Michigan, are seeking changes that they say will better safeguard Americans’ civil liberties.
Criminal Prosecution
The bill would bar the government from using material collected under Section 702 to advance a criminal prosecution without first obtaining a court warrant. It contains exceptions for emergencies and when Americans have granted consent, and it doesn’t apply to

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