Saturday, May 3, 2008
Monday, April 28, 2008
WHAT???!!!???? BUY RACK SPACE!
NEW YORK — Rackspace Inc., a provider of Internet hosting services, has registered for an initial public offering of common stock, according to a Securities and Exchange Commission filing on Friday.
The San Antonio, Texas-based company did not disclose the expected size or price range of the planned IPO, but indicated the offering price may total up to $400 million. Rackspace noted that the total offering price was estimated solely to calculate its registration fee and may change.
The company plans to use an auction process to determine the initial public offering price. Rackspace also said that certain stockholders will offer some of the shares in the IPO.
In 2007, Rackspace reported a profit of $17.8 million on revenue of $362 million. At the end of the year, the company said it served over 29,000 business customers.
Rackspace plans to use proceeds from the IPO to finance its growth plans, as well as for working capital and general corporate purposes. The company also may repay debt or make acquisitions.
Before joining the company in 2000, President and Chief Executive A. Lanham Napier was a director of investment company Silver Brands Partners. Previously, he was an analyst at Merrill Lynch.
Goldman Sachs, Credit Suisse Securities and Merrill Lynch are serving as the IPO's lead underwriters. W.R. Hambrecht and E-Trade Securities are also underwriting the offering.
Rackspace plans to list its shares on the New York Stock Exchange under the symbol "RAX."
The San Antonio, Texas-based company did not disclose the expected size or price range of the planned IPO, but indicated the offering price may total up to $400 million. Rackspace noted that the total offering price was estimated solely to calculate its registration fee and may change.
The company plans to use an auction process to determine the initial public offering price. Rackspace also said that certain stockholders will offer some of the shares in the IPO.
In 2007, Rackspace reported a profit of $17.8 million on revenue of $362 million. At the end of the year, the company said it served over 29,000 business customers.
Rackspace plans to use proceeds from the IPO to finance its growth plans, as well as for working capital and general corporate purposes. The company also may repay debt or make acquisitions.
Before joining the company in 2000, President and Chief Executive A. Lanham Napier was a director of investment company Silver Brands Partners. Previously, he was an analyst at Merrill Lynch.
Goldman Sachs, Credit Suisse Securities and Merrill Lynch are serving as the IPO's lead underwriters. W.R. Hambrecht and E-Trade Securities are also underwriting the offering.
Rackspace plans to list its shares on the New York Stock Exchange under the symbol "RAX."
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