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Rackspace IPO prices at bottom of target range -source

Credit: REUTERS/Kacper Pempel

Cloud services firm Rackspace Technology Inc on Tuesday priced its initial public offering (IPO) at $21 per share, the bottom end of its target range, to raise $703.5 million, according to a person familiar with the matter.

NEW YORK, Aug 4 (Reuters) - Cloud services firm Rackspace Technology Inc RXT.O on Tuesday priced its initial public offering (IPO) at $21 per share, the bottom end of its target range, to raise $703.5 million, according to a person familiar with the matter.

The IPO valued San Antonio, Texas-based Rackspace, which is owned by private equity firm Apollo Global Management APO.N, at $3.48 billion, excluding debt. The company had aimed to sell 33.5 million shares at a target price range of $21-$24 per share.

A representative for Rackspace declined to comment.

(Reporting by Joshua Franklin in Boston and Greg Roumeliotis in New York; editing by Jonathan Oatis)

((joshua.franklin@thomsonreuters.com; +1 646-223-6356; Reuters Messaging: joshua.franklin.thomsonreuters.com@reuters.net))

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