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.

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Article source: https://www.zdnet.com/article/rackspace-plots-return-to-the-public-market/#ftag=RSSbaffb68