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KINGSOFT CLOUD HOLDINGS LIMITED

(KC)
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Rackspace IPO prices at bottom of target range to raise about $703 mln

08/04/2020 | 06:11pm EST

Aug 4 (Reuters) - Cloud services firm Rackspace Technology Inc sold shares in its initial public offering (IPO) on Tuesday at $21 per share, the bottom end of its target range, to raise $703.5 million, the company said.

The IPO valued San Antonio, Texas-based Rackspace, which is owned by private equity firm Apollo Global Management, at $4.18 billion, excluding debt.

The company had aimed to sell 33.5 million shares at a target price range of $21-$24 per share.

The IPO bucks the recent trend of strong appetite from investors for cloud computing companies as the novel coronavirus outbreak drives more businesses to operate digitally and rely on cloud computing for more of their workflow.

Other cloud companies such as Ncino Inc and Kingsoft Cloud Holdings Ltd have seen their share prices more than double since going public earlier this year.

Rackspace has historically leased server space and helps corporations store and access data in the cloud and in recent years has expanded its business to include multicloud services.

In 2019, Rackspace reported revenue of $2.44 billion and a net loss of $102.3 million.

The company had been exploring an IPO for the last two years, but its weak organic growth and large debt, accumulated due to its $4.3 billion leveraged buyout by Apollo in 2016 and subsequent acquisitions, had stopped it from pursuing it.

Shares in Rackspace, which was publicly listed before being bought by Apollo, are due to begin trading on the Nasdaq on Wednesday under the symbol "RXT."

Goldman Sachs & Co, Citigroup Global Markets and J.P. Morgan Securities LLC are among the underwriters for the IPO. (Reporting by Joshua Franklin in Boston and Greg Roumeliotis in New York; Editing by Jonathan Oatis, Aurora Ellis and Himani Sarkar)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. -0.18% 70.65 Delayed Quote.44.24%
CITIGROUP INC. -1.85% 62.52 Delayed Quote.1.39%
KINGSOFT CLOUD HOLDINGS LIMITED -4.51% 16.5 Delayed Quote.-62.11%
KINGSOFT CORPORATION LIMITED -1.18% 33.4 End-of-day quote.-33.20%
NASDAQ COMP. -1.83% 15254.052094 Real-time Quote.22.46%
NCINO, INC. -4.86% 59.1 Delayed Quote.-18.38%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD -1.24% 54.645 Delayed Quote.2.68%
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Financials
Sales 2021 9 270 M 1 455 M 1 455 M
Net income 2021 -1 352 M -212 M -212 M
Net cash 2021 1 533 M 241 M 241 M
P/E ratio 2021 -14,3x
Yield 2021 -
Capitalization 25 390 M 3 988 M 3 986 M
EV / Sales 2021 2,57x
EV / Sales 2022 1,75x
Nbr of Employees 2 166
Free-Float 5,57%
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Number of Analysts 13
Last Close Price 105,06 CNY
Average target price 233,18 CNY
Spread / Average Target 122%
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Yu Lin Wang Chief Executive Officer & Director
Hai Jian He Chief Financial Officer
Jun Lei Chairman
Shou Xing Liang Chief Operating Officer
Kui Guang Niu Independent Director
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