Rackspace Technology Inc, slumped 21.95% on its first day of trading on August 5, 2020 and dropped another 3.6% on August 6, 2020, closed $15.80, giving the company a market cap value of $3.1 billion.
The multi-cloud technology service vendor company raised $704 million by offering 33.5 million ADSs at $ $21, the low end of the range of $21 to $24.
The company served more than 120,000 customers from 120 countries in 2018 and 2019 by designing, building, and operating their cloud environments across every major technology platform.
The San Antonio, Texas-based company was founded in 1998 and booked $2.5 billion in revenue for the 12 months ended March 31, 2020. The company plans to list on the Nasdaq under the symbol “RXT.” Goldman Sachs, Citigroup, JPMorgan, RBC Capital and Evercore are underwriters for the IPO.
The company engages Paul, Weiss, Rifkind, Wharton & Garrison LLP as US Securities Counsel, and PricewaterhouseCoopers LLP as Independent Auditor.
The company was first going public on 2008 but leveraged buyout by Apollo Global Management in 2016 for $4.3 billion.
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