Rackspace files IPO papers to go public once again, hopefully with better timing Private equity looks to cash in on managed cloud services biz . At the time, this represented a 38% premium on share price. 53,193 Followers Follow. But three years later, Rackspace started to struggle. Updates & News Analysis. Rackspace sold 33.5 million shares in its IPO at the bottom end of its target range of $21 to $24 per share, valuing the company at $4.18 billion, excluding debt. The word on the matter of having Rackspace considering going public in 2019 came back in March 2018, when according to Bloomberg the company started with unofficial talks on the matter of organizing their IPO. Rackspace IPO prices at bottom of target range to raise about $703 mln Back to video The company had aimed to sell 33.5 million shares at a target price range of $21-$24 per share. In 2013, shares traded around $80. The initial public offering included 15,000,000 shares of its common stock at a price of $12.50 per share. Cloud services firm Rackspace Technology Inc sold shares in its initial public offering (IPO) on Tuesday at $21 per share, the bottom end of its target range, to raise $703.5 million, the company said. Get in touch. 296 Followers Follow. In its IPO, Rackspace offered 33.5 million shares at $21 a piece, the low end of its price range. The company lost about 60% of its value. Rackspace raised $187.5 million. An undisclosed number of Rackspace shares would be listed on the Nasdaq exchange. Most Popular. Everything you need to know about the Rackspace Technology IPO including Offer Price, Filed Date, IPO Date, Offer Shares, Dealsize and Underwriters. Rackspace raised $704 million in its public offering Wednesday after pricing the 33.5 million shares it sold at $21 per share, on the low range of its $21 to $24 per share guidance range. After going private in 2016 after accepting a $32 per share, or $4.3 billion, price from Apollo Global Management, Rackspace is looking once again to the public markets. Is PXMD A Buy? Rackspace Again A Public Company After Disappointing IPO. But the actual IPO price — targeted at $21 per share — was a bit below that valuation. Tag: Rackspace IPO share price. The organisation had aimed to sell 33.5 million shares at a target cost … Rackspace officially filed with the SEC for an IPO of its common stock on the Nasdaq, under the ticker RXT, after going private in 2016. 31,638 Fans Like. Rackspace shares sink 22% on first day of trading Aug. 5, 2020 at 6:17 p.m. Assuming a successful IPO had climbed to the midpoint of the originally proposed price range, the company’s enterprise value at IPO would have been approximate $8.3 billion, The Street reports. Apollo Global Management's stake in Rackspace … Cloudspace – Rackspace. The IPO valued the Texas-based Rackspace, which is owned by private equity firm Apollo Global Management, at some $4.18 billion, excluding debt. Key figures; Information last updated 2020-10-19. And now, shares are at the sub-$17 level as the opening day of trading nears a close. Latest market close: USD$17.76: 52-week range: USD$15.25 - USD$22.75: 50-day moving average : USD$18.8065: 200-day moving average : USD$18.329 : Wall St. target price: USD$27.67: PE ratio : N/A: … At $21 per share, Rackspace would be valued in the region of $7.6 billion, compared to the $4.3 billion which was spent by Apollo Global Management to take the company private in 2016. For example, cloud management specialist Rackspace Technology Inc. announced earlier this month it has filed with the U.S. Securities and Exchange Commission (SEC) for a proposed IPO. Rackspace Technology share price Use our graph to track the performance of RXT stocks over time. Rackspace Technology shares at a glance. Rackspace sold 33.5 million shares in its IPO at the bottom end of its target range of $21 to $24 per share, valuing the company at $4.18 billion, excluding debt. Given that Rackspace … The company offered 33,500,000 shares at a price of US$21 per share, but investors were cautious with the stock closing at a US$16.39 per share. The managed cloud company debuted on Nasdaq at $21 per share, then sank to just above $16 by the end of the day. Rackspace Will Go Public (Rackspace IPO) in 2019. Copy. Rackspace Technology has priced its IPO of 33.5M common shares at $21/share, for gross proceeds of ~$703.5M (~$809M if the underwriters exercise their option).Underwriters' over-allotment is … It began trading on the Nasdaq under the ticker RXT. Rackspace's return to the stock market earlier this month was met with a lukewarm reception from investors, with its share price falling by more than a fifth to a low of $15.89 a-share after the opening bell. Recent Posts. Cloud solutions firm Rackspace Technology sold shares in its IPO on Tuesday at $21 per share, the lowest end of its target range, to raise $703.5 million, the company said. Rackspace Technology, Inc. is an American managed cloud computing company based in Windcrest, Texas, USA. Rackspace Technology’s first day of trading Wednesday as a public company saw its share of ups and downs. Share. They were down 19% to $17 at 1:07 p.m. … The multicloud managed service provider raised $704 million, but it saw the per-share price of its stock fall from the price it set at $21 to $16.17, a drop of about 20%. Updates & News Analysis. The company priced its shares at $21 each in Tuesday’s public offering, raising $703.5 million, with investors including mutual fund managers BlackRock, Fidelity, and Norges Bank. Others are more problematic. ET by Jon Swartz IPO market braces for another 7 deals this week and yet another blank-check company PaxMedica IPO (PXMD): What It Is? Rackspace Technology has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering. The company had aimed to sell 33.5 million shares at a target price range of US$21-US$24 per share. Iain Thomson in San Francisco Fri 10 Jul 2020 // 20:30 UTC. Within preparations that started a year ago, it was originally considered that the company will have the papers ready by […] 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, 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. The IPO did not do well in the public market and lost about 20% of its initial price almost immediately. Rackspace stock traded on the NYSE under the ticker symbol RAX. Rackspace shares opened Wednesday at $16.85 after the company sold 33.5 million for $21 each on Tuesday. - Renaissance Capital 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. 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. In 2008, a Rackspace IPO hit the market. Cloud hosting services provider Rackspace Technology Global will price its IPO of 33.5M shares on August 5 in an expected range of $21 to $24. The Rackspace IPO offered 33.5 million shares at $21, the low end of its price range of $21 to $24. Using a basic share count and the top end of their initial ranges, Rackspace is targeting a roughly $4.8 billion valuation, and BigCommerce a $1.3 billion price tag. The offering included 15 million shares at $12.50 per share. 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