Rackspace Dives in Trading Debut While BigCommerce Soars
- Cloud computing firm Rackspace has year’s worst debut in U.S.
- Fellow Texas firm BigCommerce doubles value on its first day
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Cloud-service provider Rackspace Technology Inc. suffered the worst U.S. trading debut of the year while BigCommerce Holdings Inc. scored the best as the once-rebounding IPO market turns decidedly mixed.
Rackspace, which was taken private in 2016 by Apollo Global Management Inc., closed its first day back as a public company Wednesday down 22% after raising $704 million in an initial public offering that was already priced at the bottom of the marketed range. That was the worst first-day performance on a U.S. exchange this year for a company raising at least $100 million, according to data compiled by Bloomberg.