Switch, a Las Vegas-based data center operator majority-owned by DigitalBridge Group, has filed confidentially for a US initial public offering that could come as soon as November, according to people familiar with the matter.

The company is working with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, the people said.

Ben Horowitz, co-founder of venture capital firm Andreessen Horowitz, is also expected to join Switch’s board.

Switch has data centers in Nevada, Michigan, Georgia, and Texas, according to its website.

DigitalBridge and IFM Investors took the company private on 6 December 2022 in a deal valued at about US$11 billion, including debt.

IFM says DigitalBridge still holds a 55.8% stake in Switch, while IFM-advised funds own 37.2%, and management holds 7.0%.

People familiar with the matter said in July that Switch had been working on a funding round led by Andreessen Horowitz at a valuation approaching US$50 billion, including debt.

The details of the IPO, including its timing and bank lineup, could still change, the people said.

🔗 Source: Bloomberg