Four years after it went private, Rackspace Technology Inc. late Tuesday announced pricing of its initial public offering: 33.5 million shares of common stock at $21 per share. The shares are expected to begin trading on Nasdaq Global Select Market under the symbol "RXT" on Wednesday. Rackspace expects to receive gross proceeds of approximately $703.5 million from the offering. "We're in the middle of a tectonic shift to multicloud technology," company Chief Executive Kevin Jones told MarketWatch in a Zoom interview. "It is the right place, right time for our transformation.