Private Equity

Rackspace Sets Pricing For Ipo At $21 Per Share

by marketwatch.com posted 12months ago 60 views
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.

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