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Apollo Global's Rackspace Technology prices IPO at $21, the low end of the range

August 5, 2020

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.