Rackspace Technology files IPO; to list under the ticker 'RXT' on Nasdaq
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Rackspace Technology has filed an IPO with the SEC. The company plans to list under the ticker 'RXT' on Nasdaq. Private equity firm Apollo Global Management, which took the company private in 2016, is sponsoring the IPO.
The offering is being led by Goldman Sachs, Citigroup, JP Morgan, RBC and Evercore ISI.
For the year ended December 31, 2019, the company reported revenue of $2,438.1 million, a net loss of $102.3 million, Adjusted EBITDA of $742.8 million, and Adjusted Net Income of $62.4 million. For the three months ended March 31, 2020, the company had revenue of $652.7 million, a net loss of $48.2 million, Adjusted EBITDA of $185.6 million, and Adjusted Net Income of $27.0 million.
Rackspace Technology is the multicloud solutions expert. The company combines expertise with the world’s leading technologies- across applications, data and security- to deliver end-to-end solutions. The company has a proven record of advising customers based on their business challenges, designing solutions that scale, building and managing those solutions, and optimizing returns into the future.
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