The IPO Buzz: Csquare (CSQR) Prices IPO at $21 – $2 Below Range

Csquare, Inc. (CSQR) priced its IPO at $21.00 – $2.00 below the bottom of its range – and sold 50 million shares – the number in the prospectus – to raise $1.05 billion on Wednesday night, July 15, 2026. Bloomberg reported that the IPO had been priced at $21.00 early Wednesday evening, quoting “people familiar with the matter.” But Csquare did not announce the pricing until after midnight when its press release went out online.

Bankers had marketed Csquare’s IPO at a price range of $23.00 to $27.00 – on 50 million shares – to raise $1.25 billion – assuming pricing at the $25.00 mid-point.

At the below-range pricing at $21.00 – Csquare had a market cap of $3.25 billion.

Morgan Stanley, TD Securities, Wells Fargo Securities. BofA Securities, BMO Capital Markets and Scotiabank led the joint book-running team for Csquare’s IPO.

Jefferies,  J.P. Morgan, RBC Capital Markets and Societe Generale also served as book-runners, according to the prospectus.

Data on The Map

Csquare owns and operates 64 data centers in 21 major metro markets in the U.S.,  Canada and the U.K. 

A map in the prospectus tells the story: Eight data centers in Silicon Valley, six in Northern Virginia (Washington, D.C., area), five in Dallas, and four each in New Jersey, Chicago, Phoenix and Seattle – as well as three sites each in Boston and Nashville plus two apiece in Los Angeles, Denver, Atlanta and Raleigh, N.C. These metro areas  each have one data center: Albuquerque, Tulsa, Minneapolis, Columbus, Ohio, and Tampa. The map omits “three sites currently slated for closure,” the prospectus said.

Outside the U.S., Csquare has six data centers in Canada – three each in the Toronto and Montreal metro areas – and one in London.

Csquare is based in the Big D – in the North Dallas suburb of Coppell, Texas.

Rivers of Red Ink

The IPO pros said that Csquare’s high debt load – about $5 billion outstanding at March 31, 2026 – and its large net loss were red flags.

Csquare intends to use the IPO’s proceeds to pay off $1.17 billion in debt, the prospectus said.

Brookfield of Canada will still control Csquare after the IPO, according to the prospectus. After the IPO, Brookfield’s stake in Csquare would represent about 67.1 percent of the voting power of its outstanding common stock, the prospectus said.

Csquare’s net loss amounted to about 14.8 percent of its revenue for the 12 months that ended on March 31, 2026, according to the prospectus:

Financial Snapshot: Net loss of $150.94 million on revenue of $1.02 billion for the 12 months that ended on March 31, 2026

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)

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Source: https://www.iposcoop.com/the-ipo-buzz-csquare-csqr-prices-ipo-at-21-2-below-range/