September 23, 2010 / 2:22 PM / 9 years ago

CoreSite shares climb in market debut

NEW YORK (Reuters) - Shares of CoreSite Realty Corp (COR.N), a data center owner and operator backed by founders of private equity firm Carlyle Group CYL.UL, rose in their stock market debut on Thursday.

The shares opened on the New York Stock Exchange at their initial public offering price of $16 and rose 1.6 percent to $16.26. The company sold 16.9 million shares on Wednesday, raising about $270.4 million. It had planned to sell the stock at $15 to $17 each.

Denver-based CoreSite has data centers in Los Angeles, Chicago and New York, as well as the San Francisco Bay and Northern Virginia areas. As of June 30, it owned 11 centers and had one under construction and another under development.

Underwriters on the IPO were led by Citigroup Inc (C.N) , Bank of America Merrill Lynch (BAC.N) and RBC Capital Markets (RY.TO).

The shares are trading on the New York Stock Exchange under the symbol “COR.”

Reporting by Clare Baldwin and Elinor Comlay; Editing by Lisa Von Ahn

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