Shares opened at $16.85, after pricing at $21 the day before. Precisely how much Rackspace can put against its debts will depend on its IPO pricing. Rackspace Technology Files For IPO Four Years After Going Private. The managed cloud company has transformed in the four years since it privatized from … Rackspace Technology Inc. (NASDAQ: RXT) entered the market with a whimper in its initial public offering. Should You Buy DoorDash (DASH) in Early Trading? 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 initial public offering price is expected to be between $21.00 and $24.00 per share. Rackspace Technology CEO on the company's IPO. 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. View real-time stock prices and stock quotes for a full financial overview. Rackspace held its first IPO in August 2008 when it raised $187.5 million in a modified Dutch auction. Rackspace stock was last seen down about 18% at $17.23, in a range of $16.10 to $17.39 on the day thus far. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The firm designs, builds and operates its customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. View real-time stock prices and stock quotes for a full financial overview. 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. 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. 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. Rackspace Technology, a leading cloud hosting services provider, announced terms for its IPO on Monday. 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. Other investors include BlackRock, Fidelity, and Norges Bank Investment Management. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned. 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. The company served over 120,000 customers across 120 countries in 2018 and 2019, including more than half of the Fortune 100. The San Antonio, TX-based company plans to … Among others, that narrative has been used to explain the breakouts of Vroom and Lemonade, two lightly “tech-enabled” IPOs. When the company began to develop Internet applications as its primary business, the company was re-formed as Cymitar Technology Group. Cloud services firm Rackspace Technology Inc, owned by private equity firm Apollo Global Management, filed for a U.S. initial public offering on Friday. Rackspace Technology Inc. [RXT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.70. Cloudspace Rackspace Technology Inc. intends to issue 33.5 million shares of stock in its pending initial public offering. Rackspace Technology has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering. Last year, the company was renamed to Rackspace Technology with a new look, focus and strategy. 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. The firm provides enterprises of all sizes with computing infrastructure and related software consulting services. Since its privatisation in 2016, Rackspace has focused more on customer service rather than its previous role as a cloud provider. Kevin Jones, CEO of Rackspace, joins "Squawk Alley" as the company is set to go public. The firm provides a … Shares closed down that first session as well. 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. Rackspace Inc. has rebranded as Rackspace Technology to reflect its focus as a multi-cloud technology solutions provider. - Renaissance Capital Rackspace intends to use IPO proceeds to lower its debt-load, including both its term loan and senior notes. @/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]\. 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. Wed, Aug 5 2020 12:24 PM EDT. 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. Apollo still holds 65.1% of voting shares after this IPO, according to securities filings. Rackspace Technology has revealed the terms of its planned return to the stock market. On August 8, 2008, Rackspace opened for trading on the New York Stock Exchange under the ticker symbol "RAX" after its initial public offering (IPO) in which it raised $187.5 million. 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 … 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. At the $21 price, the entire offering was valued up to roughly $809 million. Shares opened at $16.85, after pricing at $21 the day before. I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. Rackspace partners with its customers at every stage of the cloud, enabling them to modernize applications, build new products and adopt innovative technologies. 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., a technology services provider backed by private equity firm Apollo Global Management Inc., filed for a U.S. initial public offering. 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. The IPO valued San Antonio, Texas-based Rackspace, which is owned by private equity firm Apollo Global Management, at $4.18 billion, excluding debt. Rackspace Technology, a leading cloud hosting services provider, announced terms for its IPO on Monday. It is expected to price during the week of August 3, 2020. 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. 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. watch now. Rackspace Technology Inc. intends to issue 33.5 million shares of stock in its pending initial public offering. The company expects to use the net proceeds from this offering to pay down its debt, as well as for general corporate purposes. Rackspace Technology™ is a leading end-to-end multicloud solutions expert. Rackspace is an end-to-end multicloud technology services company. The SCOOP ratings should not be taken as investment advice. RXT | Complete Rackspace Technology Inc. stock news by MarketWatch. 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. These symbols will be available throughout the site during your session. In 1996, Richard Yoo started a small Internet service provider called Cymitar Network Systems out of his garage apartment in San Antonio, Texas. 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. Rackspace Technology was founded in 1998 and booked $2.5 billion in revenue for the 12 months ended March 31, 2020. Rackspace Technology, a leading cloud hosting services provider, announced terms for its IPO on Monday. Rackspace Technology Inc., the cloud-service provider backed by Apollo Global Management Inc., fell 20% at the opening bell in its trading debut after … 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). 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. SAN ANTONIO--(BUSINESS WIRE)--Rackspace Technology, Inc. (“Rackspace Technology”) today announced the launch of its initial public offering of … The initial public offering included 15,000,000 shares of its common stock at a price of $12.50 per share. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. The underwriters for the offering are Goldman Sachs, Citigroup, JPMorgan, RBC Capital Markets, Evercore ISI, Barclays, BMO Capital Markets, Credit Suisse, Deutsche Bank Securities, HSBC, LionTree, Siebert Williams Shank, Drexel Hamilton and Apollo Global Securities. 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. 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. 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. In 1997, Yoo brought on Dirk Elmendorf. 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. watch now. 04:19. ". Rackspace Technology Files For IPO Four Years After Going Private. The cloud-service provider filed with a listing size of $100 million, a placeholder amount that will likely change, according to a filing Friday with the U.S. Securities and Exchange Commission. 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