Simpson Thacher Advises Underwriters in $187.5 million IPO of Rackspace Hosting, Inc.
08.14.08
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The Firm advised the underwriters, led by Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC and Merrill Lynch & Co., with respect to auction-related matters in the initial public offering of 15,000,000 shares of common stock of Rackspace Hosting, Inc. for gross proceeds of $187.5 million. The offering was conducted using a modified Dutch auction process similar to the auction process employed by Google Inc. and NetSuite Inc. in their initial public offerings.
Rackspace Hosting delivers websites, web-based IT systems, and computing as a service. Rackspace Hosting’s shares of common stock began trading on the New York Stock Exchange under the symbol “RAX” on August 8, 2008.
The Simpson Thacher team for this transaction included Bill Hinman, Dan Webb and Nidhi Shah.