RXT News

The IPO market is expected to remain active in the week ahead with nine IPOs scheduled to raise $2.7 billion.  Canadian digital service provider TELUS International (TIXT) plans to raise $800 million at a $6.4 billion market cap. The company provides customer service outsourcing and end-to-end customer experience and digital technology solutions and...read more

Eight IPOs and nine SPACs entered the public markets this past week led by BigCommerce (BIGC), which soared 201% in the best first-day pop for an IPO over $100 million in 15 years. E-commerce platform BigCommerce (BIGC) priced above the upwardly revised range to raise $216 million at a $1.8 billion market cap. With accelerating growth and...read more

BigCommerce (BIGC) and Rackspace (RXT) notched the year's best and worst first-day performances on Wednesday. IPO investors continue to pay up for high-quality, high-gross margin growth, awarding e-commerce platform BigCommerce a premium multiple to its peer median. On the other hand, Rackspace is highly leveraged and has relied on...read more

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,...read more