Information storage firm Pure Storage said its initial public offering was anticipated to be priced involving $16 and $18 per class A share, valuing the organization at $three.33 billion at the prime end of the range.
The enterprise is selling all the 25 million shares provided in the IPO, expecting to raise up to $450 million.
Pure Storage makes flash-based storage products, which are generally considerably quicker than really hard disk drives. It competes with bigger, established rivals such as EMC Corp and NetApp Inc.
The company’s IPO comes even as some fast-expanding technology businesses are shunning public listings, preferring to raise cash in the private marketplace at higher valuations.
The technologies sector accounted for just 11 % of IPOs so far this year, the lowest considering that 2008, according to Renaissance Capital.
Reuters reported in April that Pure storage was preparing for an IPO.
Pure Storage’s income a lot more than quadrupled to $174.4 million for the year ended Jan. 31. Having said that, net loss improved to $183.two million from $78.six million.
The company’s consumers contain Lamar Advertising, Shutterfly, Intuit, and Skullcandy.
Morgan Stanley, Goldman Sachs, Barclays and Merrill Lynch, Pierce, Fenner & Smith are among those underwriting the IPO.
Pure Storage plans to list its Class A prevalent stock beneath the symbol “PSTG” on the New York Stock Exchange.
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