Apollo-Backed Rackspace Dives in Debut After $704 Million IPO
- Texas-based cloud computing company opens trading down 20%
- Company priced shares at bottom of marketed range in IPO
This article is for subscribers only.
Rackspace Technology Inc., the cloud-service provider backed by Apollo Global Management Inc., fell 20% at the opening bell in its trading debut after raising $704 million in a U.S. initial public offering priced at the bottom of the marketed range.
That’s the worst showing on a U.S. exchange this year for an IPO raising $100 million or more, according to data compiled by Bloomberg.