Almost four years after going private, Rackspace is once again dipping its toes into the public market by filing for an IPO in the US.
The cloudy biz's stock market debut was in August 2008 – yeah, not great timing – and its shares lost about a fifth of their value. In 2016, private equity group Apollo Global Management coughed up $4.3bn to take the bit barn landlord private again, laid off some staff, changed CEO a couple of times, and made acquisitions and adjustments to shift Rackspace into a cloud service company. We've heard rumors the outfit this month made some of its EMEA staff redundant, moving the jobs to India.
"Rackspace Technology has applied for listing its common stock on the Nasdaq Global Select Market under the ticker symbol RXT," it said in a statement today. (FYI: Rackspace used to be trade on the New York Exchange as RAX). "The number of shares to be offered and the price range for the proposed offering have not yet been determined."