It began trading on the Nasdaq under the ticker RXT. The offering included 15 million shares at $12.50 per share. Recent Posts. Is PXMD A Buy? 31,638 Fans Like. The organisation had aimed to sell 33.5 million shares at a target cost … 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 has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering. 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. Updates & News Analysis. Rackspace Technology, Inc. is an American managed cloud computing company based in Windcrest, Texas, USA. 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. But three years later, Rackspace started to struggle. And now, shares are at the sub-$17 level as the opening day of trading nears a close. They were down 19% to $17 at 1:07 p.m. … The IPO valued the Texas-based Rackspace, which is owned by private equity firm Apollo Global Management, at some $4.18 billion, excluding debt. Most Popular. Rackspace leases server space and helps corporations store and access data in the cloud. The initial public offering included 15,000,000 shares of its common stock at a price of $12.50 per share. The Rackspace IPO offered 33.5 million shares at $21, the low end of its price range of $21 to $24. 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. In its IPO, Rackspace offered 33.5 million shares at $21 a piece, the low end of its price range. Rackspace raised $187.5 million. 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. 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. 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. Updates & News Analysis. Copy. Rackspace Again A Public Company After Disappointing IPO. Rackspace stock traded on the NYSE under the ticker symbol RAX. 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 … Get in touch. 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: … 296 Followers Follow. 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. 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 shares opened Wednesday at $16.85 after the company sold 33.5 million for $21 each on Tuesday. 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. 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%. 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. 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. Rackspace Technology share price Use our graph to track the performance of RXT stocks over time. Key figures; Information last updated 2020-10-19. Apollo Global Management's stake in Rackspace … Rackspace Will Go Public (Rackspace IPO) in 2019. Rackspace was taken private by private equity firm Apollo Global … 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. Rackspace files IPO papers to go public once again, hopefully with better timing Private equity looks to cash in on managed cloud services biz . 53,193 Followers Follow. Share. The company had aimed to sell 33.5 million shares at a target price range of US$21-US$24 per share. Rackspace Technology’s first day of trading Wednesday as a public company saw its share of ups and downs. Within preparations that started a year ago, it was originally considered that the company will have the papers ready by […] Rackspace Technology shares at a glance. In 2008, a Rackspace IPO hit the market. 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. 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. At the time, this represented a 38% premium on share price. 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. 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. Everything you need to know about the Rackspace Technology IPO including Offer Price, Filed Date, IPO Date, Offer Shares, Dealsize and Underwriters. Rackspace IPO price said to be at bottom of target range. 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. Others are more problematic. 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. An undisclosed number of Rackspace shares would be listed on the Nasdaq exchange. Tag: Rackspace IPO share price. The managed cloud company debuted on Nasdaq at $21 per share, then sank to just above $16 by the end of the day. Cloudspace – Rackspace. The IPO did not do well in the public market and lost about 20% of its initial price almost immediately. - Renaissance Capital 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. Rackspace shares sink 22% on first day of trading Aug. 5, 2020 at 6:17 p.m. In 2013, shares traded around $80. PaxMedica IPO (PXMD): What It Is? Iain Thomson in San Francisco Fri 10 Jul 2020 // 20:30 UTC. The company lost about 60% of its value. But the actual IPO price — targeted at $21 per share — was a bit below that valuation. The company had aimed to price the shares as high as $24 each. ET by Jon Swartz IPO market braces for another 7 deals this week and yet another blank-check company No price range for Rackspace shares was disclosed. 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. Amazon is rumoured to be in talks to acquire a stake in Rackspace, sending the cloud services company's shares soaring on Monday. The IPO valued San Antonio, Texas-based Rackspace, which is owned by private equity firm Apollo Global Management, at $4.18 billion, excluding debt. Given that Rackspace … 2020 at 6:17 p.m ): What it Is Nasdaq under the ticker RAX. 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