Colorado-based data center real-estate investment trust CoreSite announced it would price its initial public offering at between $15 and $17 per share.
In a filing with the Securities Exchange Commission, CoreSite said it expects the IPO will raise net proceeds of around $245.8 million.
CoreSite said it intends to use the proceeds of the offering to purchase operating partnership units from various real estate funds affiliated with parent company the Carlyle Group, a private equity fund. The operating partnership will, in turn, use the cash injection to fund development and redevelopment of data centers, repay debt, and for general corporate purposes.
The Denver-headquartered company currently operates 11 data centers in the United States, comprising more than 2 million square feet of space, and claims more than 600 customers. In May it opened a 50,000 square foot data center campus in Santa Clara, Calif., which it said was being leased to “one of the world’s largest technology companies, headquartered in the Bay Area.”
Earlier this year CoreSite also announced its “CloudCommunity” initiative under which companies could pilot services models and develop their clouds in an environment where they could test load balancing, disaster recovery models, and energy efficiency.
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