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July 10, 2020, 2:19 p.m. EDT

Rackspace plans to return as publicly traded company

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By Wallace Witkowski


Rackspace Technology Inc. RXT 0.00% said Friday it plans to launch an initial public offering for its stock four years after going private. In its Securities and Exchange Commission filing, the cloud technology services company said it plans to raise up to $100 million in the IPO but that figure is usually used as a placeholder and updated in later filings. Goldman Sachs, Citigroup, J.P. Morgan, RBC Capital Markets, and Evercore ISI are listed among the underwriters. The company plans to list under the ticker "RXT" on the Nasdaq. The company was taken private by Apollo Global Management in a $4.3 billion acquisition back in 2016. In 2019, Rackspace reported revenue of $2.44 billion and a loss of $102.3 million, compared with $2.45 billion in revenue and a loss of $470.6 million in 2018.

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