Paul Weiss Steers Cloud Biz Rackspace's IPO Plans

Law360 (July 10, 2020, 6:15 PM EDT) -- Apollo-backed Rackspace filed for an initial public offering Friday, making the Paul Weiss-steered cloud company one of the latest large tech companies to weigh a public debut.

Texas-based Rackspace Technology Inc. did not specify how many shares it plans to offer or an expected price range. It listed $100,000 as a proposed offering price, but the figure is frequently used as a placeholder to calculate registration fees. The company has been a rumored IPO candidate for some time, with recent reports estimating that an offering could value it at $10 billion.

Rackspace designs and operates cloud environments across technology platforms, according...

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