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Friday, January 18, 2013

Shares of CyrusOne rise on debut, (NYSE: CBB)

Shares of CyrusOne Inc rose as much as 15 percent on their market debut after the data center operator priced its offering at the higher end of its expected price range. CyrusOne, owned by telecom company Cincinnati Bell Inc , priced its offering of 16.5 million shares at $19 each, raising $313.5 million. At the offer price, CyrusOne has a market valuation of about $1.18 billion.Data centers provide equipment, space and bandwidth on a rental basis and provide connections for data to move across the world.Upon completion of the offering, Cincinnati Bell will own about 71.6 percent of CyrusOne.Texas-based CyrusOne has structured itself as a REIT, joining a string of technology companies looking to save on tax through the structure.

Shares of CBB fell by 2.92% or $-0.155/share to $5.14. In the past year, the shares have traded as low as $3.31 and as high as $5.89. On average, 2405930 shares of CBB exchange hands on a given day and today's volume is recorded at 2212460.