Rackspace Technology Inc, a multi-cloud technology service vendor, has filed Amendment No 2 to Form S-1 Registration Statement on July 27, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $754 million by offering 33.5 million shares at a price range of $21 to $24. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $4.8 billion.
The company served more than 120,000 customers from 120 countries in 2018 and 2019 by designing, building, and operating their cloud environments across every major technology platform.
The San Antonio, Texas-based company was founded in 1998 and booked $2.5 billion in revenue for the 12 months ended March 31, 2020. The company plans to list on the Nasdaq under the symbol “RXT.” Goldman Sachs, Citigroup, JPMorgan, RBC Capital and Evercore are underwriters for the IPO.
The company engages Paul, Weiss, Rifkind, Wharton & Garrison LLP as US Securities Counsel, and PricewaterhouseCoopers LLP as Independent Auditor. The company was first going public on 2008 but leveraged buyout by Apollo Global Management in 2016 for $4.3 billion.
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