Storage technology developer Tintri made a cut in its expected IPO share price.
Mountain View, Calif.-based Tintri had been widely expected to go public on Thursday but instead filed an S-1 document detailing a price cut. A Tintri spokesperson told CRN that the company could not comment on what happened to its IPO beyond what was stated in the company's latest S-1.
Tintri's S-1 filing said it plans to offer 8.5 million shares of common stock with an anticipated initial public offering price of between $7.00 and $8.00 per share, raising $59.5 million to $68 million. Earlier, the company's expected offer was 8.7 million shares at between $10.50 and $12.50 per share. That would have raised $91.4 million to $108.8 million.
Other storage tech companies that have gone public in the past few years are seeing their shares trade close to their IPO price.
Hyper-converged infrastructure developer Nutanix in late September went public with an initial price of $16 per share, which climbed as high as nearly $47 but is now back in the $19 range.
All-flash storage vendor Pure Storage in October 2015 also hit the public markets at $16 a share and now sits at under $13 per share. Both Pure Storage and Nutanix have market caps north of $2.5 billion.
Nimble Storage had its IPO in mid-December 2013 with an opening price of $21 per share and a first-day close of nearly $34 per share. Share prices peaked in February 2014 at almost $53 per share before sliding to the $7 to $9 per share range for all of 2016. HPE acquired Nimble Storage early this year for $12.50 per share.
Also, the IPO plans of at least one hot storage startup, hyper-converged infrastructure vendor SimpliVity, were squashed when Hewlett-Packard Enterprise acquired it.
The delay in Tintri's IPO and the fall in its IPO price lead to several questions about a company whose technology is actually quite innovative, said John Woodall, vice president of engineering at Integrated Archive Systems, a Palo Alto, Calif.-based solution provider and Tintri channel partner.