Switch will trade on the New York Stock Exchange under the ticker "SWCH."
Switch reported a net income of $31.4 million on revenue of $318.4 million, according to Bloomberg. This marks a decrease in net income from 2015's level of $73.5 million, but revenue did improve from $265.9 million.
The company boasts 800 customers, the biggest of which is eBay Inc (NASDAQ:EBAY). The online auction company accounts for nearly 10 percent of Switch's total revenue, Stoller said. The company's top 10 customers comprise 38.4 percent and 38.1 percent of total revenues for 2016 as a whole and the first six months of 2017, respectively.
A heightened amount of M&A activity in the data center space bodes well for Switch's IPO prospects. Investors appear to be hungry for exposure to a sector that isn't dependent on GDP growth, employment, consumer spending or other macro factors to grow, Stoller said.
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