Rackspace Technology that was acquired by Apollo Global Management in 2016 has filed official documents with the Securities and Exchange Commission proposing an initial public offering (IPO) of the IT service company’s common stock. It plans to list on the Nasdaq under the symbol RTX. Rackspace Technology filed confidentially on May 6, 2020. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Became private since 2016
It first went public in 2008 and became a private company in a $4.3 billion deal with investors led by funds affiliated with Apollo Global Management in order to gain the freedom to execute on a long-term strategy in 2016. San Antonio-based company designs build and operate customers’ cloud environments across all major technology platforms, irrespective of the technology stack or deployment model.