Csquare allocates fewer IPO shares to investors than requested

Investing.com -- Csquare Inc. allocated fewer shares in its initial public offering to institutional investors than they had requested, after affiliates of major shareholder Brookfield Corp. agreed to buy nearly a quarter of the available shares, Bloomberg reported Thursday.

The data center owner and operator's offering was heavily concentrated among mutual funds and REIT-dedicated investors, according to the report. The five largest investors in the offering took more than 60% of the shares, while the top 15 investors took 95% of the shares.

Csquare priced its initial public offering of 50 million shares of common stock at $21.00 per share, raising $1.05 billion in proceeds. Shares are set to begin trading on the New York Stock Exchange Thursday under the symbol CSQR.

Morgan Stanley, Toronto-Dominion Bank, Wells Fargo & Co., Bank of America Corp., Bank of Montreal and Bank of Nova Scotia were among the banks working on the offering.

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