Nuby Natural Touch Drying Rack and it retails for $8.99.
The Nûby™ Bottle Drying Rack is easy to assemble and allows it to hold a large number of items without taking up too much space in the kitchen. It’s ideal for bottles and cups of all shapes and sizes. It also keeps nipples, spouts & pacifiers neatly stored until they are ready to be sterilized.
This is easy to put together and it only took a minute. You do need to keep a towel or something under it as the water will drip off all over the counter.
You can purchase this item at Buybabydirect, diapers.com, idealbaby.com, amazon, Ross dress for less, and Kmart.