Colocation provider Csquare has gone public on the New York Stock Exchange, raising more than $1 billion but missing its target of $1.35 billion.

Yesterday, the Brookfield-owned data center firm announced the initial public offering (IPO) of 50 million shares would be priced at $21 per share, below the $23 to $27 per share it had been marketing.

The IPO closed at $20.67, with the firm valued at $3.2 billion. Csquare could have been valued at nearly $4.2 billion if shares had been sold at the higher end of its marketed range.

Csquare, originally Centersquare, was formed in April 2024 via a merger between Cyxtera and Evoque under Brookfield.

Brookfield formed Evoque in 2019 from the purchase of AT&T's data center and colocation assets. It later acquired Cyxtera following the colocation provider's bankruptcy proceedings.

Csquare’s portfolio totals more than 80 facilities and 3.5 million sq ft (325,160 sqm) with 400MW of capacity.

The data center firm plans to use the proceeds of its IPO to pay down its debt as well as for other corporate purposes.