Posted By Rich Miller On October 19, 2007 @ 11:42 am In Dupont Fabros | Comments Disabled
DuPont Fabros Technology (DFT) has completed its initial public offering at $21 a share, the top end of the $19 to $21 range projected by the company. Shares moved as high as $23 in early trading, and have receded slightly to $22.05 a share in midday trading on the New York Stock Exchange. DuPont Fabros will trade as a real estate investment trust (REIT), joining Digital Realty Trust (DLR) as the only REITs targeting the market for data center facilities.
DuPont Fabros plans to use $405 million of the proceeds to pay down existing debt, and another $100 million to buy out the investment interests of partners in various real estate entities being rolled into the REIT. About $22 million is expected to be used to purchase the land for its two data center properties in Santa Clara, Calif.
A total of 30.575 million shares were sold in the offering, which could raise additional funds if underwriters Lehman Brother and UBS exercise their option to buy another 4.5 million shares to cover overallotments.
DuPont Fabros just completed the 150,000 square foot first phase of a major new data center in its Ashburn Corporate Center, which was fully-leased upon its opening. The company will open the second phase of 150,000 square feet in November. The facility is already 56 percent leased after Facebook signed a lease for data center space .
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 Facebook signed a lease for data center space: http://www.datacenterknowledge.com/archives/2007/Oct/18/facebook_expands_data_center_space.html
 Rich Miller: http://www.datacenterknowledge.com/archives/author/richm/
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