Switch and Data Files Plans for IPO
September 28th, 2006 By: Rich Miller
Colocation provider Switch & Data Inc. has filed for an initial public offering in which it hopes to raise up to $150 million. The company plans to trade on the NASDAQ market under the symbol SDXC, and said it intends to use the proceeds of the IPO to pay down part all or part of its $140 million in long-term debt, it said in its filing to the Securities and Exchange Commission.
Switch and Data operates a network of neutral colocation facilities, with 34 data centers in 23 markets serving more than 800 customers. Switch and Data’s PAIX provides peering and Internet exchange services.
The company has a history of substantial losses, and has lost $12.4 million in the first six months of 2006 on $54 million in revenue, compared to a loss of $15.2 million and revenue of $52 million in the year-ago period. We’re currently having a look at the SEC filing and will follow-up with additional details.