Oops ... a tech IPO has taken place. Graham Watson, Lanham Napier, Pat Condon and Dirk Elmendorf of Rackspace were in fact brave enough to launch the initial offering of their company's stock to the public on Friday. Just as Between The Lines was arguing "no software or hardware entrepreneur in right mind should want to get in the water" in declaring that tech I.P.O.'s should rest in peace, for this year. Here's how the first day went:
Rackspace shares lost 20% of their value.
Oops. Inspirational start.
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