Skip to content
Cloud services firm Rackspace Technology Inc, owned by private equity firm Apollo Global Management, filed for a U.S. initial public offering on Friday. SAN ANTONIO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Rackspace Technology Global, Inc. (NASDAQ: RXT) today announced that Kevin Jones, Chief Executive Officer, and Amar Maletira, Chief Financial Officer, will present at the Credit Suisse 24th Annual Technology Conference on Monday, November 30, 2020. Cloud hosting services provider Rackspace sets terms for $754 million IPO, Airbnb (ABNB) and DoorDash (DASH) IPOs: One Day Apart But Timing Is Completely Different, Coinbase to Support Spark Token Airdrop to XRP Holders, AbCellera Biologics Inc. Wed, Aug 5 2020 12:24 PM EDT. Rackspace Technology Inc., the cloud-service provider backed by Apollo Global Management Inc., fell 20% at the opening bell in its trading debut after … The initial public offering price is expected to be between $21.00 and $24.00 per share. Among others, that narrative has been used to explain the breakouts of Vroom and Lemonade, two lightly “tech-enabled” IPOs. The number of shares set to be sold, and the price range, have yet to be determined - but the company is thought to be looking to raise around $100m. The SCOOP ratings should not be taken as investment advice. Rackspace held its first IPO in August 2008 when it raised $187.5 million in a modified Dutch auction. Shares opened at $16.85, after pricing at $21 the day before. Rackspace Technology files for IPO the second time Duration: 01:11 7/10/2020 Apollo-backed company Rackspace Technology is filing for an initial public offering for the second time. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Rackspace Technology, a leading cloud hosting services provider, announced terms for its IPO on Monday. At the midpoint of the proposed range, Rackspace Technology would command a fully diluted market value of $4.8 billion and an enterprise value of $8.0 billion. It plans to list on the Nasdaq under the symbol RXT. RXT | Complete Rackspace Technology Inc. stock news by MarketWatch. (RXT) raised $754 million in an initial public offering on Wednesday, August 5th 2020. The San Antonio, TX-based company plans to raise $754 million by offering 33.5 million shares at a price range of $21 to $24. Rackspace Technology CEO on the company's IPO. Rackspace Technology’s initial public offering got off to a rocky start in its Nasdaq debut on Wednesday as the San Antonio-based cloud services company saw its stock plunge almost 20 percent before opening.. Shares opened at $16.85, according to Reuters – 19.8 percent lower than the $21-per-share pricing Rackspace had announced Tuesday. Rackspace Technology named a leader for the fourth consecutive year Read More Applications Deploy cloud native and SaaS solutions across application platforms Collaboration. Rackspace Technology Inc. (NASDAQ: RXT) entered the market with a whimper in its initial public offering. First IPO in 2008. watch now. Print. Rackspace Technology returned to the public market Wednesday with an initial public offering that underperformed.The Rackspace IPO raised $704 million but priced at the low end of its range. Cloud hosting provider Rackspace went private in 2016 after accepting a $32 per share offer from Apollo Global Management’ which equated to $4.3 billion. RXT | Complete Rackspace Technology Inc. stock news by MarketWatch. The firm provides a … Precisely how much Rackspace can put against its debts will depend on its IPO pricing. The cloudy biz's stock market debut was in August 2008 – yeah, not great timing – and its shares lost about a fifth of their value. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. Rackspace Technology Inc. (NASDAQ: RXT) entered the market with a whimper in its initial public offering. Among others, that narrative has been used to explain the breakouts of Vroom and Lemonade, two lightly “tech-enabled” IPOs. The rates of new confirmed COVID-19 cases in America have risen... People in the U.K. began receiving the Pfizer coronavirus... ALSO READ: 5 Internet and Digital Media Stocks That May Be Ready to Explode. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? Other investors include BlackRock, Fidelity, and Norges Bank Investment Management. Rackspace Technology. Rackspace Inc. has rebranded as Rackspace Technology to reflect its focus as a multi-cloud technology solutions provider. The article Cloud hosting services provider Rackspace sets terms for $754 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Recently, businesses have moved to the cloud, not only to drive cost, scale and reliability benefits, but also to create new revenue opportunities. R ackspace Technology, a leading provider of cloud management services, raised $704 million by offering 33.5 million shares at $21, the low end … Rackspace Technology Inc. (NASDAQ: RXT) entered the market with a whimper in its initial public offering. by Joe Panettieri • Jun 8, 2020. Rackspace Technology™ is a leading end-to-end multicloud solutions expert. The firm provides enterprises of all sizes with computing infrastructure and related software consulting services. The company expects to use the net proceeds from this offering to pay down its debt, as well as for general corporate purposes. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. The firm designs, builds and operates its customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. In 2008 Rackspace Hosting, as … ". Wed, Aug 5 2020 12:24 PM EDT. watch now. Rackspace Technology named a leader for the fourth consecutive year Read More Applications Deploy cloud native and SaaS solutions across application platforms Collaboration. When did Rackspace Technology IPO? Rackspace Technology, Inc. (“Rackspace Technology”) today announced the pricing of its initial public offering of 33,500,000 shares of its common stock at an initial public offering price of $21.00 per share. IPO News for Rackspace Technology US IPO Weekly Recap: BigCommerce’s 201% first-day pop breaks records in an 8 IPO week 08/07/20 BigCommerce soars 201% and Rackspace drops 22% in year's best and worst IPO debuts 08/06/20 Apollo Global's Rackspace Technology prices IPO at $21, the low end of the range 08/05/20 @/i, failureMessage: "A valid email address is required", negate: "true"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom5 = document.querySelector('#form1783 #field5');var field5 = new LiveValidation(dom5, {validMessage: "", onlyOnBlur: false, wait: 300});field5.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. Rackspace Technology, a leading cloud hosting services provider, announced terms for its IPO on Monday. Rackspace Technology, a leading cloud hosting services provider, announced terms for its IPO on Monday. Apollo still holds 65.1% of voting shares after this IPO, according to securities filings. When the company began to develop Internet applications as its primary business, the company was re-formed as Cymitar Technology Group. Rackspace Technology Inc. intends to issue 33.5 million shares of stock in its pending initial public offering. Filed 2020-07-10 Terms Added 2020-07-27: For IPO Boutique's "scale of 1 to 5" BUY rating on Rackspace Technology, Inc., and our comprehensive analysis, click "Buy Market Research. Rackspace Technology Inc. intends to issue 33.5 million shares of stock in its pending initial public offering. Goldman Sachs, Citi, J.P. Morgan, RBC Capital Markets, Evercore ISI, Barclays, BMO Capital Markets, Credit Suisse, Deutsche Bank, and HSBC are the joint bookrunners on the deal. Iain Thomson in San Francisco Fri 10 Jul 2020 // 20:30 UTC Almost four years after going private, Rackspace is once again dipping its toes into the public market by filing for an IPO in the US. Shares closed down that first session as well. The company will sell 33.5 million shares and expects punters to pay between $21 and $24. - Renaissance Capital Rackspace Technology Inc., a technology services provider backed by private equity firm Apollo Global Management Inc., filed for a U.S. initial public offering. Rackspace Technology, a global provider of cloud hosting solutions, has launched its initial public offering (IPO) of 33,500,000 shares of its common stock.The initial public offering price is expected to be between $21.00 and $24.00 per share. Palantir, Rackspace Lead a Wave of Tech IPOs July 17, 2020 by George Leopold Cloud and software vendors of various stripes and high-flying big data analytics provider Palantir Technologies have gauged financial market sentiments and decided now is the time to launch initial stock offerings. Kevin Jones, CEO of Rackspace, joins "Squawk Alley" as the company is set to go public. If there is an active cohort of investors trading off of buzz, that could explain part of the reason Rackspace stalled out of the gate. Rackspace Technology has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering. In addition, Rackspace Technology expects to grant to the underwriters a 30-day option to purchase up to an additional 5,025,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The company originally wanted to price its 33.5 million shares in the range of $21 to $24, with an overallotment option for an additional 5.025 million. If there is an active cohort of investors trading off of buzz, that could explain part of the reason Rackspace stalled out of the gate. Rings the Nasdaq Stock Market Opening Bell in Celebration of its IPO, Silverback Therapeutics Rings the Nasdaq Stock Market Closing Bell in Celebration of its IPO. The IPO valued San Antonio, Texas-based Rackspace, which is owned by private equity firm Apollo Global Management, at $4.18 billion, excluding debt. Our principal executive offices are located at 1 Fanatical Place, City of Windcrest, San Antonio, Texas 78218. Rackspace Technology Files For IPO Four Years After Going Private. The cloudy biz's stock market debut was in August 2008 – yeah, not great timing – and its shares lost about a fifth of their value. Precisely how much Rackspace can put against its debts will depend on its IPO pricing. Ultimately, Rackspace handles all of this. Rackspace Technology saw its share price plummet by 20 percent a day after its initial public offering (IPO), and its descent has continued in the following days. Last year, the company was renamed to Rackspace Technology with a new look, focus and strategy. Kevin Jones, CEO of Rackspace, joins "Squawk Alley" as the company is set to go public. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Renaissance International ETF (symbol: IPOS), Do Not Sell My Personal Information (CA Residents Only). Rackspace Technology Files For IPO Four Years After Going Private. 04:19. As Cymitar Technology Group grew, Patrick Condon was recruited from C… )+)$)/i, failureMessage: "A valid email address is required"});field1.add(Validate.Format, {pattern: /\.\.|\. Enter up to 25 symbols separated by spaces. Location*Please select…United StatesAfghanistanÅland IslandsAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBeninBermudaBhutanBolivia, Plurinational State ofBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongoCongo, the Democratic Republic of theCook IslandsCosta RicaCôte d'IvoireCroatiaCubaCuraçaoCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland Islands (Malvinas)Faroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard Island and McDonald IslandsHoly See (Vatican City State)HondurasHong KongHungaryIcelandIndiaIndonesiaIran, Islamic Republic ofIraqIrelandIsle of ManIsraelItalyJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea, Democratic People's Republic ofKorea, Republic ofKuwaitKyrgyzstanLao People's Democratic RepublicLatviaLebanonLesothoLiberiaLibyan Arab JamahiriyaLiechtensteinLithuaniaLuxembourgMacaoMacedonia, the former Yugoslav Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMicronesia, Federated States ofMoldova, Republic ofMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorthern Mariana IslandsNorwayOmanPakistanPalauPalestinian Territory, OccupiedPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalPuerto RicoQatarReunionRomaniaRussian FederationRwandaSaint BarthélemySaint Helena, Ascension and Tristan da CunhaSaint Kitts and NevisSaint LuciaSaint Martin (French part)Saint Pierre and MiquelonSaint Vincent and the GrenadinesSamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSudanSurinameSvalbard and Jan MayenSwazilandSwedenSwitzerlandSyrian Arab RepublicTaiwanTajikistanTanzania, United Republic ofThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States Minor Outlying IslandsUruguayUzbekistanVanuatuVenezuela, Bolivarian Republic ofViet NamVirgin Islands (British)Virgin Islands, U.S.Wallis and FutunaWestern SaharaYemenZambiaZimbabwe. Rackspace Technology saw its share price plummet by 20 percent a day after its initial public offering (IPO), and its descent has continued in the following days. Shares opened at $16.85, after pricing at $21 the day before. Rackspace Technology (RXT) has priced its IPO of 33.5M common shares at $21/share, for gross proceeds of ~$703.5M (~$809M if the underwriters … The San Antonio, TX-based company plans to … Rackspace is an end-to-end multicloud technology services company. Rackspace Technology, a leading provider of cloud management services, raised $704 million by offering 33.5 million shares at $21, the low end of the range of $21 to $24. These symbols will be available throughout the site during your session. Rackspace partners with its customers at every stage of the cloud, enabling them to modernize applications, build new products and adopt innovative technologies. Cloud services provider Rackspace Technology returned to the public markets earlier this month, but it hasn't been a popular stock in the weeks since, trading well below its $21 IPO price. View real-time stock prices and stock quotes for a full financial overview. SAN ANTONIO–(BUSINESS WIRE)–Rackspace Technology, Inc. (“Rackspace Technology”) today announced the pricing of its initial public offering of 33,500,000 shares of its common stock at an initial public offering price of $21.00 per share. © 2020, Nasdaq, Inc. All Rights Reserved. We changed our name to Rackspace Technology, Inc. from Rackspace Corp. on June 11, 2020 after changing our name to Rackspace Corp. from Inception Topco, Inc. on March 31, 2020. In 1996, Richard Yoo started a small Internet service provider called Cymitar Network Systems out of his garage apartment in San Antonio, Texas. It is expected to price during the week of August 3, 2020. Since its privatisation in 2016, Rackspace has focused more on customer service rather than its previous role as a cloud provider. Shares opened at $16.85, after pricing at $21 the day before. Rackspace intends to use IPO proceeds to lower its debt-load, including both its term loan and senior notes. Almost four years after going private, Rackspace is once again dipping its toes into the public market by filing for an IPO in the US.. Rackspace Technology CEO on the company's IPO. The company issued 33,500,000 shares at $21.00-$24.00 per share. Rackspace Technology (RXT) aims to go public from the sale of its common stock, according to an S-1 registration statement. A further 5.025 million shares will later be offered to underwriters at the IPO price, with the whole exercise yielding gross proceeds of approximately $703.5m to $804.0m. Rings the Nasdaq Stock Market Closing Bell in Celebration of its IPO, Airbnb, Inc. These trends have accelerated recently as businesses create and adapt to new economic and labor models and are increasingly looking for technologies that enable digital transformation and enhance productivity. Cloudspace Yes! Also over 12 million shares had moved as of 12:30 p.m. Eastern. At the same time, businesses are increasingly turning to the use of more than one cloud solution at a time to enhance performance. We combine our expertise with the world’s leading technologies- across applications, data and security. SAN ANTONIO – August 4, 2020 – Rackspace Technology, Inc. (“Rackspace Technology”) today announced the pricing of its initial public offering of 33,500,000 shares of its common stock at an initial public offering price of $21.00 per share. Acquired by Apollo Global Management (NYSE: APO) in 2016, Rackspace designs, builds, and operates customers' cloud environments across all major technology platforms, irrespective of technology stack or deployment model. Rackspace Technology has revealed the terms of its planned return to the stock market. Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. 04:19. The initial public offering included 15,000,000 shares of its common stock at a price of $12.50 per share. Rackspace is among the tech firms that have benefited as companies have allowed employees to work remotely, with the pandemic driving up demand for cloud computing services. General Information: Business: ... from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. )+[a-z]{2,63}/i);}, failureMessage: "Value must not contain any URL's"});field5.add(Validate.Presence, {failureMessage:"This field is required"});field5.add(Validate.Length, {tooShortMessage:"Invalid length for field value", tooLongMessage: "Invalid length for field value", minimum: 4, maximum: 4});function handleFormSubmit(ele) { var submitButton = ele.querySelector('input[type=submit]'); var spinner = document.createElement('span'); spinner.setAttribute('class', 'loader'); submitButton.setAttribute('disabled', true); submitButton.style.cursor = 'wait'; submitButton.parentNode.appendChild(spinner); return true; }function resetSubmitButton(e){ var submitButtons = e.target.form.getElementsByClassName('submit-button'); for(var i=0;i