Rackspace Technology Plans $754 Million IPO for August 5th (RXT)

Rackspace Technology (RXT) expects to raise $754 million in an initial public offering on Wednesday, August 5th, IPO Scoop reports. The company will be issuing 33,500,000 shares at a price of $21.00-$24.00 per share.

In the last 12 months, Rackspace Technology generated $2.5 billion in revenue and had a net loss of $93 million. The company has a market-cap of $4.5 billion.

Goldman Sachs, Citigroup, JPMorgan, RBC Capital Markets and Evercore ISI acted as the underwriters for the IPO and Barclays, BMO Capital Markets, Credit Suisse, Deutsche Bank Securities, HSBC, LionTree, Siebert Williams Shank, Drexel Hamilton and Apollo Global Securities were co-managers.

Rackspace Technology provided the following description of their company for its IPO: ”  We are a leading end-to-end multi-cloud technology services company. We design, build and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies. We serve our customers with a unique combination of proprietary technology resulting from over $1 billion of investment and services expertise from a team of highly skilled consultants and engineers. And we provide our customers with unbiased expertise and technology solutions, delivered over the world’s leading cloud services, all wrapped in a Fanatical Experience. “.

Rackspace Technology was founded in 2016 and has 6800 employees. The company is located at 1 Fanatical Place City of Windcrest San Antonio, TX 78218 and can be reached via phone at (210) 312-4000 or on the web at https://www.rackspace.com.

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