Rackspace shares flop in stock market debut

Josh Budd
clock • 2 min read

Cloud services provider’s shares fall by more than 20 per cent after opening bell

Rackspace has disappointed on its first day of trading, with its share price falling by more than a fifth after the opening bell on Wednesday. The cloud service provider saw its share value fall by 22 per cent in its first day of trading to a low of $15.89 a-share, after launching with an IPO price of $21 a-share. The Texas-based technology firm raised $703.5m in gross proceeds from the IPO, which it plans to funnel into paying back debts owed to former owner Apollo Global Management ...

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