Rackspace Technology, a leading provider of cloud management services, raised $704 million by offering 33.5 million shares at $21, the low end of the range of $21 to $24.
Rackspace was taken private by Apollo Global Management (NYSE: APO) in 2016.
Rackspace Technology plans to list on the Nasdaq under the symbol RXT. Goldman Sachs, Citi, J.P. Morgan, RBC Capital Markets, Evercore ISI, Barclays, BMO Capital Markets, Credit Suisse, Deutsche Bank and HSBC acted as lead managers on the deal.
The article Apollo Global's Rackspace Technology prices IPO at $21, the low end of the range originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
