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Rackspace Files For IPO

San Antonio-based Rackspace, a provider of web hosting and colocation services, said Friday in a filing with the SEC that it is looking to raise up to $400M in an IPO. The firm said it has applied to list on the New York Stock Exchange as "RAX." The firm's IPO is being underwritten by Goldman, Sachs & Co., Credit Suisse, Merrill Lynch & Co., and WR Hambrecht + Co. The firm reported in its S-1 that it earned $17.8M on revenues of $362M in 2007. Rackspace is venture backed by Norwest Venture Partners and Sequoia Capital, among others.