Rackspace Technology 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. 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.
The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "RXT" on August 5, 2020.
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.
