Update: Disappointing IPO for Rackspace, down 10% on open
Tiny URL: http://tinyurl.com/6qvmds
August 8th, 2008 • Related • Filed Under
Rackspace Hosting Inc. saw its shares fall on its first day of trading Friday morning following an initial public offering that priced at the low end of the company’s expectations. The company operates the Mosso Cloud Computing Infrastructure.
The debut was a disappointment for the first venture-backed company to brave the IPO waters in nearly five months - a record dry spell.
The San Antonio, Texas-based provider of Web hosting services began trading on the New York Stock Exchange under the symbol “RAX” on Friday morning. The shares fell more than 19% after a delay in trading; by late morning, the stock was trading at $10.94 - down 12.5% from its offering price.
The stock is currently trading at $11.49, down 8.08%.
