Brookfield-backed Csquare trades lower in New York debut after $1.05 billion IPO
CSQR•Debt and investor support
Some analysts said the firm is extremely leveraged; CSQR's total long-term debt, net of current, stood at $4.8 billion as of March 31.
Certain entities managed by Brookfield Wealth Solutions BNT.N agreed to purchase 3 million CSQR shares from the offering.
Overall, entities managed by Brookfield Wealth Solutions and investors introduced to underwriters by Brookfield agreed to buy $250 million of shares from the offering.
Brookfield ties and business profile
Brookfield BN.TO formed Csquare, formerly Centersquare, in 2024 by combining Evoque and Cyxtera.
CSQR operates data centers located in 21 major metropolitan markets across the U.S., Canada and the UK.
It competes against Equinix EQIX.O, DataBank, CoreSite, Digital Realty Trust DLR.N, CyrusOne, Switch, TierPoint, Flexential and Cologix.
Csquare falls in New York debut after upsized IPO
Brookfield-backed data center firm Csquare's CSQR.N shares fell in their New York debut after a $1.05 billion U.S. IPO.
The stock opened at $20.90 apiece versus the $21 IPO price and was last down 2.2% at $20.54.
CSQR sold 50 million shares in the IPO at $21 apiece, below the marketed range of $23 to $27.
