The Rackspace (NASDAQ: RAX) IPO priced, floating 15 million shares at $12.50 per share, netting the company roughly $180M in cash, which is significantly lower than the $400 they hoped to raise. This gives the company a market cap of well over a billion dollars. Noting that good companies don’t go public in bad markets, Convio recently pulled their IPO to wait for better conditions. Rackspace pulled their IPO once in 2000 when the markets were bad, and now it appears that they just wanted to pull the trigger and get it done.

If your broker at Goldman Sachs couldn’t get you any shares, don’t fret. The shares opened at $10/share this morning and are trading at around $11.50.

I guess this wraps up our coverage of Rackspace as an emerging company, but it’s still fodder for the writers at TechCrunch!