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Rackspace Managed Hosting Issues Shares In IPO

Monday, August 11, 2008 6:04:00 AM PDT | VentureDeal Staff

San Antonio, Texas -- Hosting service provider Rackspace (NYSE: RAX) issued shares in its initial public offering (IPO) and received gross proceeds of $187.5 million.

Rackspace owns and operates web server hosting facilities throughout the United States for small, medium and enterprise customers.

The company previously raised $5.3 million in the 2nd quarter of 2005 from Norwest Venture Partners.  IPO proceeds were stated in the company's filing statements with the SEC.

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