Data center design and operations company Switch Inc. said Monday that it planned to sell 31.25 million shares of Class A common stock in an initial public offering that could raise up to $500 million. The IPO, initially filed earlier this month, is expected to price between $14 and $16 a share. Including options granted to underwriters to buy additional shares, the IPO could raise up to $575 million. The company had revenue of $318.4 million in 2016, up 20% from 2015, although profits fell more than 50% to $31.4 million from $73.5 million. The company said it planned to use the proceeds from the IPO to buy out investors in Switch Ltd. and take control of that company though Switch Inc., which was just incorporated in 2017. The company is planning to go public at a time that the SPDR Technology Select Sector ETF has gained 3.2% over the past three months, while the S&P 500 has tacked on 2.5%.
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