(Bloomberg) -- Rackspace Technology Inc., the cloud-service provider backed by Apollo Global Management Inc., is set to raise about $704 million in a U.S. initial public offering, according to people with knowledge of the matter.

The company is selling 33.5 million shares for $21 apiece, which priced at the bottom of the range, said the people, who asked not to be identified because the information wasn’t public yet. The shares were marketed at $21 to $24.

At $21 a share, Rackspace will be valued in the IPO at about $4.2 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. The company, which was taken private by Apollo in 2016, was valued at $4.3 billion at the time.

A representative for Rackspace declined to comment.

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