September 30th, 2016 by Adam Armstrong
Nutanix Goes Public
Back in December of last year, Nutanix filed its paperwork for a purposed initial public offering. Time went by and the market wasn’t exactly favorable to other tech companies that have gone public. Today Nutanix went public with an IPO of $16 per share, which is higher than what was anticipated, the company initial had the IPO aiming for between $11-$13 per share. Nutanix is trading on the Nasdaq under the symbol NTNX.
Image courtesy of Yahoo Finance
Nutanix was founded in 2009 by Dheeraj Pandey, who is their current CEO. Nutanix makes hyperconverged solutions where the storage, compute, and virtualization is converged onto a commodity x86 server, what Nutanix calls invisible infrastructure. There are 1,980 employees and over 3,768 customers. Nutanix has had several successful funding rounds including their Series E funding round that raised $140 million and pushed the company to over a $2 billion valuation. With a $16 IPO, Nutanix will be valued at $2.2 billion.
The market has been a bit turbulent this year for tech companies. Several have had a rough go of it as of late. While it is not uncommon for any stock, tech or otherwise, to swing up or down at open, there has been more of a longer downward trend for most stocks we follow. Nutanix so far has had a strong opening, it open $10 over its IPO, and is up over 130% of IPO. It’s a bit premature to tell how the stock will fair long term.