That’s compared to seven in March and 14 in April of 2019. IPO watch: Rocket Companies is expected to price its IPO on August 5.The parent of Quick Loans is looking to raise $3.15B at an expected pricing range that would value the company at just under $40B. The company had unsuccessfully pivoted from being a web hosting firm to trying to compete with public cloud providers, but has since shifted to multicloud technology services. We've heard rumors the outfit this month made some of its EMEA staff redundant, moving the jobs to India. Rackspace, which helps customers such as Samsung manage their remote cloud data storage systems, declined to comment. Jul 27, 2020, 10:07am CDT Rackspace Technology Inc. intends to issue 33.5 million shares of stock in its pending initial public offering. Apollo-Backed Rackspace Dives in Debut After $704 Million IPO. Almost four years after going private, Rackspace is once again dipping its toes into the public market by filing for an IPO in the US. Shares in Rackspace’s on Wednesday fell 20% after its initial ... Airbnb’s IPO: 6 key things to know. 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. Reuters reported in April that Apollo was preparing to take Rackspace public in an IPO that could value the company at more than $10 billion, including debt, citing people familiar with the matter. ". So far in April, there have also only been two new listings. Goldman Sachs will handle the share issue. 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. The coronavirus pandemic may have been a big boost to Apollo's plans to take Rackspace public, since the huge bump in locked down home workers has seen the demand for cloud-provisioned systems grow rapidly. researcher may have come down to this, Nestlé CEO: Climate change laggards put the planet—and their businesses—at risk, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. In the Rackspace IPO filing, the company said the COVID-19 pandemic has accelerated cloud transformation efforts for new and existing customers. RXT | Complete Rackspace Technology Inc. stock news by MarketWatch. The company will sell 33.5 million shares and expects punters to pay between $21 and $24. "Rackspace Technology has applied for listing its common stock on the Nasdaq Global Select Market under the ticker symbol RXT," it said in a statement today. This week has brought with it two tasty pieces of IPO news — Rackspace’s return to the public markets and BigCommerce’s debut will be far more interesting now that we … 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. Now might seem like a bad time for an IPO. As a cloud computing services pioneer, we deliver proven multicloud solutions across your apps, data, and security. U.S. listings are rare due to the coronavirus outbreak. Investors may also be encouraged by the strategic collaboration agreement Rackspace signed with cloud behemoth AWS on Wednesday. View real-time stock prices and stock quotes for a full financial overview. - Renaissance Capital Early reports suggest the company is dreaming of a market cap of $10bn, which seems high for a sub-tier-one player in the cloud management sphere, particularly because Rackspace Technologies, as it has been known since June, has a huge debt pile left over from Apollo's leveraged takeover. And it has underscored the importance of multicloud strategies, it said. Market data provided by Interactive Data. There were only two IPOs in the United States in March, compared with seven a year ago, according data provider IPO Boutique. In 2016, private equity group Apollo Global Management coughed up $4.3bn to take the bit barn landlord private again, laid off some staff, changed CEO a couple of times, and made acquisitions and adjustments to shift Rackspace into a cloud service company. 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. Why Australia just canceled an order for 51 million doses of a COVID-19 vaccine, Stimulus update: $600 checks are gaining support, Google’s ouster of a top A.I. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Terms & Conditions. Hear from Steve Sibley, VP of Offering Management for IBM Power Systems about how IBM Power Systems can enable hybrid cloud environments that support “build once, deploy anywhere” options. That valuation will be key. Rackspace CEO Kevin Jones Rackspace Cloud-service firm Rackspace — owned by private equity firm Apollo Global Management since its $4.3 billion buyout in 2016 — filed for an IPO on Friday. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. In 2019, there were seven IPOs in March, and 14 in April, according to data provider IPO Boutique. “By strengthening our relationship with AWS, our preferred cloud provider, it makes it easier for our customers to accelerate the value they realize from the cloud,” said Matt Stoyka, chief solutions officer at Rackspace Technology. Everything you need to know about the Rackspace Technology IPO including Offer Price, Filed Date, IPO Date, Offer Shares, Dealsize and Underwriters. IPO activity has since picked up in May and June, as some economic activity has resumed. 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. There were two U.S. listings in March and only two so far in April. It began trading on the Nasdaq under the ticker RXT. Rackspace Technology has revealed the terms of its planned return to the stock market. IBM is well-positioned to help organizations incorporate high-performance solutions for AI into the enterprise landscape. Acuris also owns Mergermarket. As of March 31, 2020, Rackspace had $125 million in cash and $5.5 billion in total liabilities, of which long-term debt was $3.9 billion. “AWS continues to innovate its cloud solutions and we are pleased to enter into a Strategic Collaboration Agreement to bring these solutions to our collective customers.”, A full valuation of the company is expected shortly, no date has been set for the IPO, and it's subject to regulatory approval. A further 5.025 million shares will later be offered to underwriters at the IPO price, with the whole exercise yielding gross proceeds of approximately $703.5m to $804.0m. 15 Hot Upcoming IPOs to Watch For in 2020 and 2021 The most exciting IPOs expected during the rest of 2020 and into 2021 range from a popular home-rental app to an old-guard pet retailer. Rackspace Technology has filed to raise $754 million in a U.S. IPO. The deal will open up new global markets for Rackspace services around the world, piggybacking off AWS. Rackspace was taken private by private equity firm Apollo Global Management in a $4.3 billion deal back in 2016.. Rackspace Technology Announces Launch of Initial Public Offering July 27, 2020 07:00 AM Eastern Daylight Time SAN ANTONIO-- (BUSINESS WIRE)- … "In addition, most other hosting services and cloud players are aiming at that same demographic so the competitive landscape for Rackspace looks pretty fierce.". All Rights Reserved. Rackspace has reportedly filed for an IPO that could value the managed cloud services company at more than $10 billion, according to Reuters. Rackspace is in a quiet period and wouldn’t comment. Offers may be subject to change without notice. Download this asset for straight answers to your top private cloud questions. FORTUNE may receive compensation for some links to products and services on this website. "The number of shares to be offered and the price range for the proposed offering have not yet been determined.". The IPO was the culmination of a comprehensive effort to transform the company, especially after Jones, who took the top job in April of 2019, implemented a rigorous new management system. Goldman led Rackspace's previous IPO, ... Debtwire is a part of Acuris and specializes in data, news and analysis on the global credit markets. The company had aimed to price the shares as high as $24 each. Quotes delayed at least 15 minutes. Rankings. © 2020 Fortune Media IP Limited. The Rackspace IPO offered 33.5 million shares at $21, the low end of its price range of $21 to $24. 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. Almost four years after going private, Rackspace is once again dipping its toes into the public market by filing for an IPO in the US. "Work-from-home business expansion is likely to continue for the next few quarters but it's hard to see it supporting a long-term growth strategy," Charles King, founder of analyst house Punt-IT told The Register. 'ridiculous for a company that is still loss-making' - analyst, 'Not the most glorious of returns to public market' says analyst, Firm to list in Frankfurt, could net €10bn to €20bn, Despite everything going on in the world, you can rely on hyped tech stock to be a bit bonkers, S-1 filing slams Silicon Valley as the real privacy-invading spies, too. All rights reserved. Part of Situation Publishing, Biting the hand that feeds IT © 1998–2020, Blames market volatility caused by pandemic and US controls over Huawei, That or Jack Ma mouthing off about the nation's financial watchdogs, The price? Maximize the benefits of modern cloud. Within preparations that started a year ago, it was originally considered that the company will have the papers ready by […] The firm provides enterprises of all sizes with computing infrastructure and related software consulting services. (FYI: Rackspace used to be trade on the New York Exchange as RAX). Powered and implemented by Interactive Data Managed Solutions. The sources cautioned that a date for Rackspace's IPO had not yet been set and asked not to be identified because the preparations are confidential. The initial public offering included 15,000,000 shares of its common stock at a price of $12.50 per share. The cloudy biz's stock market debut was in August 2008 – yeah, not great timing – and its shares lost about a fifth of their value. Rackspace Technology Announces Pricing of Initial Public Offering August 4, 2020 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. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices  July 10 (Reuters) - Cloud services firm Rackspace Technology Inc, owned by private equity firm Apollo Global Management, filed for a U.S. initial public offering on Friday. But the pandemic might place Rackspace in a good spot to go public. According to industry analysts, a critical element for secure hybrid multicloud environments is the storage infrastructure. 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