By Benjamin Pimentel & Dan Gallagher, MarketWatch

SAN FRANCISCO- Rackspace Hosting Inc. late Thursday announced its initial public offering of 15 million shares of common stock at a price of $12.50 a share.

The (RAX, , ) IPO broke a record dry spell for venture-backed initial public offerings.

The San Antonio, Texas, company’s IPO will begin trading on the New York Stock Exchange under the symbol "RAX" on Friday. The company said it will offer 12.7 million shares in the IPO while the selling stockholders will offer an additional 2.3 million common shares.

Rackspace and the selling stockholders also have granted the underwriters a 30-day option to buy up to an additional 2.25 million shares "to cover over-allotments." … Go to source

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