Nutanix made its debut on the Nasdaq with a successful initial public offering. The hyper-converged start-up had long been linked with an IPO but with the weakest market since 2009 it was uncertain how the company would fair.
The company was listed under an initial offer of $16 per share and finished on $37 per share, which gives it a market value of $5.08bn.
Nutanix was originally valued at around $2.2bn but now its market cap of just over $5bn helps to make it the most successful IPO of the year so far.
Although there were concerns about how Nutanix would fair, given the lack of IPO action this year and market volatility, the company successfully raised $238m after selling more shares than had been anticipated.
Only 75 IPO deals have been carried out this year, down from 140 at this time in 2015, according to EY reports.
Like many other tech companies, Nutanix has seen its revenues climb but its losses deepen. In the year to 31st July 2016, it reported total revenues of $445m up from $241m in 2015 and $113m in 2014.
However, in the year to 2016 it made a loss of $168m, up from $126m the previous year and $84m in 2014.
Partly this is due to the company spending a lot on building a name for itself in a competitive tech market by investing in R&D.
The company also recently acquired PernixData and Calm.io as it looks to boost its analytics and DevOps automation capabilities.
The acquisitions will help it to develop software stacks aimed at storage-class memory systems, in attrition to enhancing its Application Mobility Fabric with cross-cloud workload migration, orchestration, and workflow automation.
Nutanix will be hoping that the initial interest shown will continue as it trades under NTNX on the Nasdaq.
