Rackspace makes it official, files for return to public market

SAN ANTONIOEditor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.

San Antonio-based Rackspace Technology Inc. made its intent to return to the publicly traded market official Friday.

Rackspace filed a statement with the Securities and Exchange Commission proposing an initial public offering of its common stock on the Nasdaq Stock Market under the ticker symbol “RXT.”

The number of shares and price for the stock offering has not been determined, according to the news release. Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are joint lead book-running managers and representatives of the underwriters for the proposed offering.

Rackspace went public in August 2008 before becoming privately held in November 2016 when it was acquired by New York-based private equity company Apollo Global Management LLC in a deal that was worth more than $4 billion, as reported by the Business Journal.

Recently, the company changed its name from Rackspace Hosting Inc. to Rackspace Technology — a move the company said is meant to reflect the end-to-end technology that it now offers. Since becoming privately held, Rackspace has acquired multiple companies that have added to its products and services, including four acquisitions since June 2017: Onica, a Santa Monica, California-based Amazon Web Services consultant and managed services provider; TriCore, a Massachusetts-based technology service company; RelationEdge, a business consultant for Salesforce.com that also works with other businesses on sales; and Datapipe, a New Jersey-based managed cloud services company.

Read more on what one expert thinks of Rackspace’s future in the public market at the San Antonio Business Journal.