Brookfield Infrastructure Partners LP holding Csquare Inc. on Tuesday, June 16, said it’s filed for an initial public offering.

The Coppell, Texas-based data center operator didn’t disclose the number of shares it plans to offer or an expected price range in its initial IPO filing with the U.S. Securities and Exchange Commission.

Csquare plans to list its common stock on the New York Stock Exchange under the ticker symbol CSQR.

Brookfield Corp. (BN) and its affiliates will remain Csquare’s controlling shareholder after the offering, giving Brookfield the ability to determine matters requiring stockholder approval, Csquare said. The filing didn’t detail Brookfield’s stake before and after the IPO.

The Deal in February reported that Csquare had retained advisers to explore a dual-track process that could result in a sale or IPO. At the time, sources said the company generated about $500 million in Ebitda and could be worth at least $8 billion, with some valuation expectations reaching $10 billion to $12 billion.

Csquare provides carrier-neutral colocation and interconnection services to enterprise, network, cloud and technology customers. Its facilities provide secure space, redundant power, advanced cooling systems, physical security and interconnection capabilities that allow customers to deploy and operate critical IT and network infrastructure.

The company owns and operates 64 data center sites across 21 major metropolitan markets in the U.S., Canada and the U.K., excluding three sites slated for closure. As of March 31, its platform delivered about 389 megawatts of sellable power capacity and more than 36,600 interconnection products.

Csquare was formed through Brookfield’s digital infrastructure strategy and traces its operations to January 2019. Brookfield built Csquare through a pair of deals, including the January 2019 purchase of Evoque Data Center Solutions from AT&T Inc. (T) for $1.1 billion and the January 2024 acquisition of Cyxtera Technologies Inc. for $775 million.

For the three months ended March 31, revenue rose to $270.5 million from $232.8 million a year earlier, while Csquare’s net loss widened to $66 million from $34.9 million and adjusted Ebitda rose to $108.3 million from $86.3 million.

The company said it plans to use net proceeds from the IPO to repay all outstanding borrowings under its revolving credit facility and a promissory note, repay a portion of certain outstanding 2024 asset-backed security notes and for general corporate purposes.

The IPO filing comes as demand for data center infrastructure continues to rise amid enterprise outsourcing, hybrid cloud adoption, network-intensive applications and artificial intelligence inference workloads.

Brian M. Janson, Ravi Purohit and Christopher Van Buren of Paul, Weiss, Rifkind, Wharton & Garrison LLP are counsel to Csquare, where chief legal officer Catherine Smith is on the IPO internally.

Lewis W. Kneib, Brent T. Epstein and Devon MacLaughlin of Latham & Watkins LLP are counsel to underwriters led by Morgan Stanley and TD Securities Inc.