This week will mark another somewhat unusual mark for IPO’s as a technology and communications player with an established name is set to come public. Rackspace Hosting, Inc. (NYSE: RAX) is coming public at a strange time, yet it has shown growth, has a solid name, and is profitable.
As a reminder, this is coming under the auction format and bidding can be completed at rackspaceipo.com. Underwriters in the group are Goldman Sachs, Credit Suisse, Merrill Lynch, and WRHambrecht.
On last look, the company is offering 15,000,000 shares with anexpected range of $12.00 to $16.00, which will likely be tightened upto a more narrow range before the pricing. Much of the reception willbe geared around the market trends this week.
This is one of the largest web hosting companies on the market withadditional IT services offered. The company posted $362 million in2007 revenues with net income listed as $17.8 million. As of March 31,2008, it claims over 31,000 business customers with more than 39,000servers, over 750,000 business email accounts, and 43,000 cloud hostingdomains.
For whatever it is worth, not all of the stock is being sold by the company with 2.3 million shares being sold by backers.
Jon C. Ogg
August 4, 2008
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