Brookfield-backed Csquare targets up to $4.18 billion valuation in US IPO

July 6 (Reuters) - Data center ‌provider Csquare ​is ​targeting a valuation of up to $4.18 billion in its U.S. initial public offering, riding a wave ‌of investor enthusiasm for companies expected to benefit from ⁠the AI boom.

The Dallas-based company said on Monday it aims to ‌raise up to $1.35 billion in ‌the IPO by offering 50 million shares at $23 to $27 apiece.

New listings in the U.S. have picked up after geopolitical ​tensions briefly cooled issuance earlier this year, while surging demand for AI computing infrastructure has boosted investor interest ⁠in data center operators.

AI chipmaker Cerebras Systems' shares surged in their market debut ​in May after the company raised $5.55 billion in its IPO, with the market now awaiting potential ​blockbuster listings from Anthropic and OpenAI.

Founded ‌in 2019, Csquare owns and operates 64 data center sites across 21 metropolitan markets in ⁠North America and the UK, providing co-location and connectivity services to enterprises, cloud providers and telecommunications companies, according to its IPO filing.

The ⁠company said it plans to use most of the IPO proceeds to ​repay debt, with the remainder allocated for general corporate purposes, including acquisitions, working capital and capital expenditures.

After the offering, Brookfield will control ‌about 67% of Csquare's voting power through entities it manages or controls.

Csquare intends to list ‌on the New York Stock Exchange under the ticker symbol "CSQR". ⁠Morgan Stanley, TD Securities, Wells ‌Fargo Securities and ​BofA Securities are among the underwriters to the offering.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shilpi ‌Majumdar)

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