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Rackspace Sees IPO Stock Price Fall 20% on Day One

August 6, 2020

Still, multicloud service provider raises $704 million after joining Nasdaq

Rackspace Technology’s first day of trading Wednesday as a public company saw its share of ups and downs. The multicloud managed service provider raised $704 million, but it saw the per-share price of its stock fall from the price it set at $21 to $16.17, a drop of about 20%.