Csquare, Inc. priced its initial public offering at $21 per share. The offering consists of 50 million shares. This price falls below the previously marketed range of $23 to $27 per share. The IPO values the data center operator at approximately $1.05 billion.
Csquare will trade on the New York Stock Exchange under the ticker symbol CSQR. The company operates a network of 64 data centers across the United States, Canada, and the United Kingdom. Brookfield Corp. formed the entity through the acquisitions of Evoque Data Center Solutions and Cyxtera Technologies.
Proceeds from the offering will primarily repay a revolving credit facility and a promissory note owed to Brookfield. Brookfield and its affiliates will retain a 67.1% majority voting stake following the IPO. This ownership structure qualifies Csquare as a controlled company. The listing aims to capitalize on digital infrastructure demand fueled by artificial intelligence.