After the IPO, Apollo’s stake could fall to 63.5 percent. SAN ANTONIO-(BUSINESS WIRE)-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. Rackspace Technology Named a Major Player in IDC MarketScape: Applications Management Services on the Cloud 2020 Vendor Assessment Postmates’ updated IPO plans follow a report from Bloomberg that WeWork expects to make its IPO prospectus available in the next week. Rackspace had revenues of $362 million and profits of $17.8 million in 2007, it said in its prospectus. SAN FRANCISCO -- Rackspace Hosting lost ground on its debut trading day Friday. In addition, Rackspace Technology granted to … December 14, 2020, Rackspace Technology Achieves AWS Travel and Hospitality Competency Status Enable cloud adoption and transformation and optimize cloud strategies, Customized cloud migrations with an automation and cloud native focus, Continuous infrastructure management, operations and enhancements, Ongoing optimization to ensure the most cost-effective architecture, Reduced hybrid & multicloud platform complexity, Migration, management and governance across leading cloud platforms, Secured and dedicated private cloud platforms, Deploy cloud native and SaaS solutions to increase efficiency and reliability, Eliminate technical debt with modernized application delivery, Design, build, operate and manage IoT, edge devices and applications, Operate and optimize your cloud-based applications, Deliver high-value, low-complexity applications, Deliver auto-scaling and hyper-resilient cloud native applications, Increase productivity with cloud-based collaboration tools, Modernize your ERP solutions on optimized infrastructure, Advisory, professional and managed services for CRM platforms, Expertise for your customer experience application platforms, Gain actionable insights with data management, engineering, intelligence, and powerful AI/ML toolkits, Streamline your data architecture across modern cloud data platforms, Deployment and management of analytics platforms, Protect and govern data assets for better business outcomes, Accelerate database management optimization, Design, implement and manage database deployments, Power next-generation relational database systems, Gain insights from unstructured data to raise revenue, Make confident decisions with modern data analytics platforms, Evolve from monitoring to automating, preventing attacks while maintaining compliance, Assess posture & build a cyber security strategy roadmap, Prevent, detect, and mitigate cloud vulnerabilities, PCI, HIPAA, CCPA, GDPR, FedRAMP, DFARS, FISMA, HITRUST, Add expert Security Operations Center services to your cloud, Detect and mitigate vulnerabilities to protect critical apps, Protect data loss with compliant data storage solutions, Enable cloud adoption and transformation across leading cloud platforms, Deploy cloud native and SaaS solutions across application platforms, Analyze and modernize your data across traditional and next-gen database platforms, Compliance and security for your environment across cloud platforms, Monitor workloads across clouds, apps & data centers, Relentless dedicated hands-on protection and monitoring, Protect containers, microservices, serverless-based workloads, Discover perspectives from industry experts around digital transformation and trends, Hear what our customers have to say and find the support you need, Stay up to date with the latest industry research, reports and events, Artificial Intelligence & Machine Learning, Rackspace Technology Named a Major Player in IDC MarketScape: Applications Management Services on the Cloud 2020 Vendor Assessment, Rackspace Technology and Humen.Ai Collaborate to Streamline Artificial Intelligence-Powered Dance App, Rackspace Technology migrates the British Heart Foundation’s online gift shop to VMware, Rackspace Technology Achieves AWS Travel and Hospitality Competency Status, Rackspace Technology Among the First to Support the Launch of Professional Services in AWS Marketplace, Announces New Professional Services & Solutions at AWS re:Invent 2020. The remainder of the net proceeds will be used for general corporate purposes. Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are serving as joint lead book-running managers and as representatives of the underwriters for the offering. Company News HQ is a global business news portal. Apollo is still the biggest shareholder in Rackspace, with a 78.3 percent stake. Copies of the final prospectus may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282 telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 1-800-831-9146; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, collect telephone: 1-212-834-4533, or by emailing at prospectus-eq_fi@jpmchase.com. The summary is also a common place for the company’s management team to lay out their broa… Rackspace Technology has kicked off its initial public offering on the Nasdaq market, with plans to raise up to USD 925 million. Cash flow from operations was $105 million for the year. SAN ANTONIO–(BUSINESS WIRE)–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. These cookies do not store any personal information. January 7, 2021, Rackspace Technology and Humen.Ai Collaborate to Streamline Artificial Intelligence-Powered Dance App The company could be valued at $1.85 billion. Our experts know your industry, and they know the challenges you’re facing. Here, in the summary section, investors learn about the company’s intentions from the deal. The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "RXT" on August 5, 2020. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Rackspace recorded revenue of USD 2.44 billion, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 742.80 million and a net loss of USD 102.30 million in the 12 months ended 31st December 2019. People and Process. In June, Rackspace 'rebranded' as the ever-so-slightly different Rackspace Technologies. Zephyr, the M&A database published by Bureau van Dijk, shows 93 IPOs by US companies have been announced in 2020 to date, of which six are worth USD 1.00 billion or more. Over the last several years, businesses have adopted cloud services not only to drive cost, scale and reliability benefits, but also to create new revenue opportunities, and better compete with digital natives. Issue Information International bonds Rackspace Hosting, 8.625% 15nov2024, USD. We changed our name to Rackspace Technology, Inc. from Rackspace Corp. on June 11, 2020 after changing our name to Rackspace Corp. from Inception Topco, Inc. on March 31, 2020. Growth Partners Portfolio Company, Pinnacle GI Partners. Cash flow from operations was $105 million for the year. The initial public offering price is expected to be between $21.00 and $24.00 per share. Rackspace Technology expects to receive gross proceeds of approximately $703.5 million from the offering, before deducting underwriting discounts and commissions and other offering expenses, or approximately $809.0 million if the underwriters exercise their over-allotment option in full. December 3, 2020, Rackspace Technology Among the First to Support the Launch of Professional Services in AWS Marketplace, Announces New Professional Services & Solutions at AWS re:Invent 2020 What is the Key to Cloud Native Success? Rackspace Technology intends to use a portion of the net proceeds from the offering to redeem, retire or repurchase $600 million aggregate principal amount of its outstanding 8.625% Senior Notes due 2024 and to pay related premiums, fees and expenses. It is mandatory to procure user consent prior to running these cookies on your website. Rackspace Technology named a leader for the fourth consecutive year Read More Applications Deploy cloud native and SaaS solutions across application platforms Collaboration. It has been a while that they are planning a Rackspace IPO since March 2018, but they could not finish the preparations. Of most interest to investors is how many shares the company plans to sell and at what price. The offering is expected to close on August 7, 2020, subject to customary closing conditions. Rackspace Technology, a global provider of cloud hosting solutions, has launched its initial public offering (IPO) of 33,500,000 shares of its common stock.The initial public offering price is expected to be between $21.00 and $24.00 per share. According to its prospectus, Rackspace was profitable and its revenues surged in the quarter ended March 31, jumping 59% to $119.6 million, up from $75.2 million a year ago. This website uses cookies to improve your experience while you navigate through the website. At the same time, they are using more than one such environment at a time for increased security, compliance and governance. Rackspace Technology, Inc. (“Rackspace Technology”) today announced the pricing of its initial public offering of 33,500,000 shares of its common stoc Please switch to the latest version of Microsoft Edge, Mozilla Firefox, Safari or Google Chrome. In 2016, private equity firm Apollo Global Management acquired Rackspace in a deal valued at $4.3 billion. We advise, design, build and manage solutions across the multicloud, applications, data and security. are also serving as book-running managers for the offering. In the Rackspace prospectus, the “Risk Factors” section begins on page 16. Rackspace, which provides cloud computing services, filed its prospectus in July and started trading on August 5. 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. We design, build and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. These cookies will be stored in your browser only with your consent. December 15, 2020, Rackspace Technology migrates the British Heart Foundation’s online gift shop to VMware SAN ANTONIO-(BUSINESS WIRE)-Rackspace Technology, Inc. ("Rackspace Technology") today announced the pricing of its initial public offering of 33,500,000 … We also use third-party cookies that help us analyze and understand how you use this website. They have started to preparations a year ago, it was originally considered that the company will have the papers […] In this part of the prospectus, investment bankers also try to demonstrate why the company is looking to sell stock. Issue, Issuer, Yield, Prices, Payments, Analytical Comments, Ratings At the top of a prospectus, the investment bankers lay out the main details an investor should be concerned with. SAN ANTONIO-(BUSINESS WIRE)-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. We deliver customized solutions to help solve these challenges every day. Eyes will … Two items stand out: But opting out of some of these cookies may have an effect on your browsing experience. News, Cross Country Skiing is Booming Despite COVID, How China Is Controlling the Coid Origins Narrative — Silencing Critics and Locking up Dissenters – The News Lens International Edition, GEODIS expands and renames its specialist Project Logistics business | GEODIS, DSV builds integrated logistics centre in Stockholm, Sweden, H.I.G. Since then, Rackspace’s total outstanding debt has grown to almost $4bn, according to a public prospectus. The American managed cloud computing company Rackspace is planning to go public in 2019. Analysis includes total gross proceeds, announcement deadline date (and number of months left until deadline), % held in trust, and list of symbols for all trading securities included in the unit. Rackspace Technology has lifted the lid on its financials after officially revealing its initial public offering (IPO) on Nasdaq that has a USD 100.00 million placeholder. The company served over 120,000 customers across 120 countries, as of 31st December 2018 and 31st December 2019, including more than half of the Fortune 100. In addition, Rackspace Technology granted to the underwriters a 30-day option to purchase up to an additional 5,025,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. 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. Rackspace Technology is a leading end-to-end multicloud technology services company. As of 31st March 2020, it had USD 3.99 billion face value of outstanding indebtedness. Rackspace had revenues of $362 million and profits of $17.8 million in 2007, it said in its prospectus. We deliver websites, web-based IT systems, and computing as a service. 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Scoop Rating does not reflect the opinions of anyone associated with IPOScoop.com using AI and Machine Today.