Rackspace plots return to the public market
Rackspace is making a return to the public market. The company announced Friday that it has filed a registration statement with the US Securities and Exchange Commission for a proposed Initial Public Offering of its common stock. The company intends to list under the ticker symbol « RXT » on the NASDAQ.
Rackspace left the public market in 2016 following a $4.3 billion deal with the private equity firm Apollo Global Management.
The company started as a hosting firm known for customer service, helped launch OpenStack, briefly tried to compete with public cloud giants and then retooled under a series of management changes.
Since privatizing, the company has pivoted away from competing as a cloud provider and has instead focused more squarely on customer support services. Last year the company rebranded with a new look, focus and strategy.
Goldman Sachs, Citigroup, and J.P. Morgan are the lead underwriters for the IPO.