Tintri, the storage virtualisation software specialist, is to go public in an initial public offering (IPO) on the Nasdaq Stock Exchange that is intended to raise around $100m.
The company filed an S-1 with the Securities and Exchange Commission (SEC) last week, publishing its prospectus. The share offering will be led by the usual bunch of investment banks, including Morgan Stanley, Bank of America Merrill Lynch and Piper Jaffray.
The prospectus claims that that the company has more than 1,250 customers among large private and public-sector organisations, as well as cloud services companies. This includes seven of the top-15 Fortune 100 companies.
Revenues have increased fast in recent years as cloud computing - and, hence, interest in the company's core software - has taken off. From $49.8m in fiscal 2015, the company claimed revenues of $125.1m in fiscal 2017.
However, this growth has come at a price. Net losses of $69.7m in 2015 have increased to $105.8m in fiscal 2017, which is worryingly high for a company with revenues of just $20m more. It has financed a cumulative deficit of $338.7m via a combination of debt and equity financing.
Against this, Tintri claims that its technology is offered in a global market for virtualised x86 storage systems that IDC values this year at $25.7bn, although to also admits that its competitors also include Dell-EMC, HPE, NetApp and IBM among the technology and storage industry's well-entrenched elite, as well as challengers such as Nimble, Nutanix and Pure Storage among the challengers.
Nimble, though, was acquired by HPE in March this year for an estimated $1.2bn in a deal that was completed in April.
Peculiarly, perhaps - and this may affect interest in the IP - the company has "elected to include reduced disclosure of financial information and reduced disclosure regarding executive compensation in this prospectus", according to the IPO.
If it does go all the way to IPO, its ticker symbol will be 'TNTR'.
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