(By Balachander) CyrusOne Inc. (NASDAQ: CONE), a subsidiary of Cincinnati Bell Inc. (NYSE: CBB), has priced its initial public offering of 16.5 million shares at $19.00 apiece, above its proposed range.
The company operates data center business of Cincinnati Bell, which offers local, long distance, data, Internet, entertainment and wireless communication services.
Earlier this month, CyrusOne expected to price the IPO between $16 and $18 a share.
As of September 30, 2012, CyrusOne said it had roughly 500 customers. The company's property portfolio included 23 operating data centers in nine markets.
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For the 9 months ended September, 30, 2012, pro forma loss before noncontrolling interests was $16.1 million on revenue of $163 million.
CyrusOne has granted the underwriters an option to purchase up to 2.475 million additional shares.
Upon completion of this offering, Cincinnati Bell expects to own roughly 72 percent of CyrusOne.
CyrusOne stock has been approved for listing on the Nasdaq Global Select Market under the symbol "CONE."
Morgan Stanley, BofA Merrill Lynch, Deutsche Bank Securities and Barclays are acting as joint-bookrunners for the offering.