Cincinnati Bell carve-out CyrusOne sets terms for $281 million IPO
CyrusOne, a data center REIT carve-out from Cincinnati Bell, announced terms for its IPO on Tuesday. The Carrollton, TX-based company plans to raise $281 million by offering 16.5 million shares at a price range of $16 to $18. At the midpoint of the proposed range, CyrusOne would command a fully diluted market value of $1.1 billion. CyrusOne, which was founded in 2000 and booked $211 million in sales for the 12 months ended September 30, 2012, plans to list on the NASDAQ under the symbol CONE. Morgan Stanley and BofA Merrill Lynch are the joint bookrunners on the deal.