Csquare prices IPO at $21 to raise $1.05 billion

Data center operator Csquare, Inc. has priced its initial public offering at $21.00 per share, raising gross proceeds of approximately $1,050.0 million. The offering values the company at about $1.05 billion. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "CSQR" on July 16, 2026, with the offering expected to close on July 17, 2026.

Csquare granted the underwriters a 30-day option to purchase up to an additional 7,500,000 shares at the IPO price, which could increase gross proceeds to $1,207.5 million. The company intends to use the net proceeds to repay a portion of its outstanding indebtedness and to pay fees and expenses related to the offering. Previously, Csquare had planned to offer 50 million shares in a range of $23 to $27 per share.

IPO Details

Metric	Value
IPO Price	$21.00 per share
Original Price Range	$23 – $27 per share
Shares Offered	50,000,000
Over-allotment Option	7,500,000 shares
Gross Proceeds (Base)	$1,050.0 million
Gross Proceeds (Full Option)	$1,207.5 million
Valuation at IPO Price	$1.05 billion
Trading Start Date	July 16, 2026

Use of Proceeds

The net proceeds from the offering will be allocated to the following:

Repayment of a portion of outstanding indebtedness
Payment of fees and expenses in connection with the offering

Morgan Stanley, TD Securities, and Wells Fargo Securities are serving as joint lead book-running managers, alongside BofA Securities, BMO Capital Markets, and Scotiabank. Jefferies, J.P. Morgan, RBC Capital Markets, and Societe Generale are acting as joint book-running managers, while Brookfield Capital Solutions, CIBC Capital Markets, National Bank of Canada Capital Markets, and PNC Capital Markets LLC are co-managers. Headquartered in Dallas, Texas, Csquare owns and operates a portfolio of data centers across the United States, Canada, and the United Kingdom.

Csquare, Inc. filed a registration statement on Form S-1 with the Securities and Exchange Commission to launch an initial public offering. The company aims to raise gross proceeds of approximately $1,150.0 million to $1,350.0 million through the issuance of 50,000,000 shares of common stock. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "CSQR" with an anticipated price range of $23.00 to $27.00 per share.

The underwriters have been granted a 30-day option to purchase up to an additional 7,500,000 shares to cover over-allotments. If this option is exercised in full, the total gross proceeds could increase to a range of approximately $1,322.5 million to $1,552.5 million. Csquare plans to allocate a portion of the net proceeds to repay outstanding indebtedness and pay offering-related fees, with the remaining funds used for general corporate purposes.

Offering Details

Metric	Value
Shares offered	50,000,000
Over-allotment option	7,500,000 shares
Price range	$23.00 – $27.00 per share
Gross proceeds (base)	$1,150.0 million – $1,350.0 million
Gross proceeds (full option)	$1,322.5 million – $1,552.5 million

Underwriting Syndicate

Morgan Stanley and TD Securities are serving as representatives of the underwriters. The syndicate is led by Morgan Stanley, TD Securities, Wells Fargo Securities, BofA Securities, BMO Capital Markets and Scotiabank as joint lead book-running managers. Jefferies, J.P. Morgan, RBC Capital Markets and Societe Generale are acting as joint book-running managers, while Brookfield Capital Solutions, CIBC Capital Markets, National Bank of Canada Capital Markets and PNC Capital Markets LLC are co-managers.

Regulatory Status

The registration statement on Form S-1 has been filed but has not yet become effective. The securities may not be sold nor may offers to buy be accepted until the registration statement becomes effective. The offering will be conducted only by means of a prospectus once the statement is effective.