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Hosting News Rackspace Launches Public Shares web hosting news
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Rackspace Launches Public Shares Aug 8, 2008
Hosting provider Rackspace (rackspace.com) has announced its initial public offering of 15,000,000 common stock shares priced at $12.50 per share on the New York Stock Exchange under the symbol "RAX" to begin trading Friday.


According to Rackspace's announcement late Thursday, Goldman, Sachs and Co. (goldmansachs.com), Credit Suisse Securities (credit-suisse.com) and Merrill Lynch and Co. (ml.com) are acting as joint book-running managers for the offering.

In April, San Antonio, Texas-based Rackspace filed a Form S-1registration statement with the US Securities and Exchange Commission relating to its common stock IPO.

Under the leadership of chief financial officer Bruce Knooihuizen, appointed just one month earlier to handle all the company's financial and accounting functions including investor relations, Rackspace hopes to expand its operations through this public offering.

"Bruce brings to Rackspace a proven track record of growing a company," Rackspace president and chief executive officer Lanham Napier said in a statement. "Over his 11 years at Dobson, Bruce oversaw growth from a $34 million company to the $1.4 billion company they are today.

"This previous financial management experience really aligns with what we're trying to do here at Rackspace. We'll rely heavily on Bruce to build our finance team and hone our business model as Rackspace grows," Napier said.

According to Rackspace, the co-managers for the offering are W.R. Hambrecht and Co, Jefferies & Company, Cowen and Company, RBC Capital Markets, JMP Securities, Signal Hill Capital Group, and E*TRADE Securities.
Reads: 779 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/080808_Rackspace_Launches_Public_Shares.cfm
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