IBM is well-positioned to help organizations incorporate high-performance solutions for AI into the enterprise landscape. 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. (FYI: Rackspace used to be trade on the New York Exchange as RAX). Download this asset for straight answers to your top private cloud questions. The company had aimed to price the shares as high as $24 each. 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. 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. The cloudy biz's stock market debut was in August 2008 â yeah, not great timing â and its shares lost about a fifth of their value. "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. 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 number of shares to be offered and the price range for the proposed offering have not yet been determined.". - 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. So far in April, there have also only been two new listings. 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? 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. 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. Jul 27, 2020, 10:07am CDT Rackspace Technology Inc. intends to issue 33.5 million shares of stock in its pending initial public offering. Rackspace Technology has filed to raise $754 million in a U.S. IPO. There were two U.S. listings in March and only two so far in April. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. “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. Rackspace is in a quiet period and wouldnât comment. Rackspace CEO Kevin Jones Rackspace Cloud-service firm Rackspace â owned by private equity firm Apollo Global Management since its $4.3 billion buyout in 2016 â filed for an IPO on Friday. In the Rackspace IPO filing, the company said the COVID-19 pandemic has accelerated cloud transformation efforts for new and existing customers. U.S. listings are rare due to the coronavirus outbreak. Rackspace Technology Announces Pricing of Initial Public Offering August 4, 2020 SAN ANTONIO â August 4, 2020 â Rackspace Technology, Inc. (âRackspace Technologyâ) 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. Now might seem like a bad time for an IPO. All rights reserved. 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. 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. According to industry analysts, a critical element for secure hybrid multicloud environments is the storage infrastructure. As a cloud computing services pioneer, we deliver proven multicloud solutions across your apps, data, and security. Rackspace, which helps customers such as Samsung manage their remote cloud data storage systems, declined to comment. Everything you need to know about the Rackspace Technology IPO including Offer Price, Filed Date, IPO Date, Offer Shares, Dealsize and Underwriters. 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. Rackspace was taken private by private equity firm Apollo Global Management in a $4.3 billion deal back in 2016.. 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. IPO activity has since picked up in May and June, as some economic activity has resumed. Thatâs compared to seven in March and 14 in April of 2019. This week has brought with it two tasty pieces of IPO news â Rackspaceâs return to the public markets and BigCommerceâs debut will be far more interesting now that we ⦠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 In 2019, there were seven IPOs in March, and 14 in April, according to data provider IPO Boutique. That valuation will be key. 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. The initial public offering included 15,000,000 shares of its common stock at a price of $12.50 per share. It began trading on the Nasdaq under the ticker RXT. RXT | Complete Rackspace Technology Inc. stock news by MarketWatch. 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 the pandemic might place Rackspace in a good spot to go public. Rackspace has reportedly filed for an IPO that could value the managed cloud services company at more than $10 billion, according to Reuters. "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. All Rights Reserved. Terms & Conditions. 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. 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