Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeFinanceBrookfield-backed data-centre company raises $1.05 billion in IPOCsquare shares priced below marketed rangeAuthor of the article:Last updated 41 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Csquare operates more than 60 data centres in the United States, Canada and the United Kingdom. Photo by Handout /CsquareCsquare Inc. raised US$1.05 billion after pricing its initial public offering below a marketed range on Wednesday.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe data-centre company backed by Brookfield Corp. sold 50 million shares for US$21 each, according to a statement Wednesday confirming an earlier Bloomberg News report. Csquare had marketed the shares for US$23 to US$27 apiece.The pricing gives Csquare a market value of about US$3.25 billion, based on the number of outstanding shares listed in its filings.Dallas-based Csquare began operations in 2019 and currently owns and operates more than 60 data centre sites in the United States, Canada and the United Kingdom, the filings show. It expects to use the IPO proceeds for purposes including to repay in full its revolving credit facility, which had US$771 million outstanding at the end of June, as well as a US$75 million promissory note held by Brookfield.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againBrookfield is expected to maintain voting control over Csquare after the offering, according to a filing prior to the IPO.Csquare had a net loss of US$66 million in the three-month period ended March 31, along with revenue of US$270.5 million. That compares with the year-ago period, when it had a net loss of US$34.9 million on revenue of US$232.8 million. Most of the company’s revenue is generated from recurring colocation and interconnection services, with contracts ranging from one to seven years.The IPO comes as Wall Street is laser-focused on all things related to artificial intelligence, especially AI infrastructure. It comes on the heels of SK Hynix Inc.’s US$26.5 billion U.S. listing last week, and AI chipmaker Cerebras Systems Inc., whose May listing raised US$6.38 billion.Blackstone Inc.’s data-centre acquisition vehicle raised US$2 billion the same month, and SpaceX made history in June with the biggest IPO of all time. The Elon Musk-led rocket and satellite company has pitched operating data centres in space.Csquare’s offering was led by Morgan Stanley, Toronto-Dominion Bank, Wells Fargo & Co., Bank of America Corp., Bank of Montreal and Bank of Nova Scotia. The company is expected to make its debut Thursday on the New York Stock Exchange under the symbol CSQR.—With assistance from Dave Sebastian. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.