Cloud Biz Rackspace Targets $754M In Paul Weiss-Led IPO

Law360 (July 27, 2020, 4:20 PM EDT) -- Cloud company Rackspace said Monday it expects to bring in about $754 million in its Paul Weiss-steered initial public offering if shares price at midpoint, teeing up one of the year's largest tech IPOs.

Texas-based Rackspace Technology Inc. said it plans to sell 33.5 million shares, likely priced between $21 and $24. The Apollo-backed company, which designs and operates cloud environments across technology platforms, could bring in more funds if the underwriters use their option to purchase up to roughly 5 million additional shares.

Most of the proceeds will likely go toward paying off debt, according to Rackspace's registration statement with...

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