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SAN FRANCISCO -- Rackspace Hosting(RAX Quote) lost ground on its debut trading day Friday.
The tech IPO priced late Thursday at $12.50, but opened the session below $10 before climbing to $11.08 by the end of its first hour.
The offering of 15 million shares by the San Antonio, Texas, Web hosting company, which priced at the low end of its stated range of $12 to $16, raised $187.5 million in a modified Dutch auction.
During the past six weeks, first-day performance for new issues "has been dismal," said Ben Holmes, analyst at MorningNotes. "Deals that we thought had an audience absolutely melted down." ...
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