are also serving as book-running managers for the offering. Rackspace Technology named a leader for the fourth consecutive year Read More Applications Deploy cloud native and SaaS solutions across application platforms Collaboration. How Businesses are using AI and Machine Learning Today? LionTree Advisors LLC, Siebert Williams Shank & Co., LLC, Drexel Hamilton, LLC and Apollo Global Securities, LLC are serving as co-managers for the offering. They design, build and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. In addition, Rackspace Technology expects to grant 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. 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. Cash flow from operations was $105 million for the year. 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 offering is expected to close on August 7, 2020, subject to customary closing conditions. A registration statement on Form S-1 relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. You are using an outdated browser and are receiving a degraded experience. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. 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. The American managed cloud computing company Rackspace is planning to go public in 2019. We design, build and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. Business Overview (from prospectus) Rackspace Hosting is the world’s leader in hosting. 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. Pershing Square, Warner Music Group, Eastern Bankshares and Dun & Bradstreet account for the top four by value. Of most interest to investors is how many shares the company plans to sell and at what price. According to its S-1 filing, Rackspace brought in $2.44 billion in revenue in 2019, but recorded a net loss of $102.3 million. See how we helped McKesson reduce its dedicated data center footprint and centralize their IT operations. Let’s Drop the “AutoML vs. Data Scientist” Discussion, The Scary Cybersecurity Risks Keeping the Pros up at Night, How Azure Data Services Help Your Business Innovate Faster and Smarter, From Chatbots to Alexa: The Evolution of Natural Language Processing. Apollo Global Management acquired Rackspace for $4.3 billion and took the company private in 2016. Here, in the summary section, investors learn about the company’s intentions from the deal. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. Growth Partners Portfolio Company, Pinnacle GI Partners. 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. There haven’t been many tech IPOs lately – only three this year, in fact. 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. In this part of the prospectus, investment bankers also try to demonstrate why the company is looking to sell stock. 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. 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. 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. The offering is being made only by means of a prospectus. The SCOOP ratings should not be taken as investment advice. The company will sell 33.5 million shares and expects punters to pay between $21 and $24. July 13, 2020 Craig Gambol Zephyr. 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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. We deliver websites, web-based IT systems, and computing as a service. Barclays Capital Inc., BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are serving as bookrunners for the offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Capital – Michigan Gastroenterology Institute and Capitol Colorectal Surgery Partners Join H.I.G. It is the leading industry news source for major companies across a number of industry verticals. The summary is also a common place for the company’s management team to lay out their broa… Necessary cookies are absolutely essential for the website to function properly. 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. Two items stand out: At the top of a prospectus, the investment bankers lay out the main details an investor should be concerned with. Apollo Global Securities, an affiliate of the private equity owner of Rackspace, is among underwriters, the prospectus shows. A download-able weekly list of all SPAC (Special Purpose Acquisition Company) IPO transactions. Our experts know your industry, and they know the challenges you’re facing. 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. In the Rackspace prospectus, the “Risk Factors” section begins on page 16. SAN ANTONIO – August 4, 2020 – 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. Postmates’ updated IPO plans follow a report from Bloomberg that WeWork expects to make its IPO prospectus available in the next week. Rackspace Hosting may pursue an IPO (initial public offering) later this year, according to Bloomberg.The report suggests the managed cloud services provider (CSP) could have a $10 billion valuation. Rackspace had revenues of $362 million and profits of $17.8 million in 2007, it said in its prospectus. Rackspace Technology has revealed the terms of its planned return to the stock market. Over the past eight years, Rackspace has invested over USD 1.00 billion and 12.00 million hours to develop a robust and proprietary suite of over 200 technology tools, branded solutions and accelerators, according to the prospectus. The company had revenue of USD 652.70 million, adjusted EBITDA of USD 185.60 million and a net loss of USD 48.20 million in Q1 2020. 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. 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. We advise, design, build and manage solutions across the multicloud, applications, data and security. A further 5.025 million shares will later be offered to underwriters at the IPO price, with the whole exercise yielding gross proceeds of approximately $703.5m to $804.0m. Company News HQ is a global business news portal. It is mandatory to procure user consent prior to running these cookies on your website. Cash flow from operations was $105 million for the year. You also have the option to opt-out of these cookies. At the same time, they are using more than one such environment at a time for increased security, compliance and governance. December 14, 2020, Rackspace Technology Achieves AWS Travel and Hospitality Competency Status We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies. Rackspace Technology has kicked off its initial public offering on the Nasdaq market, with plans to raise up to USD 925 million. 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. 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