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September 25, 2015

Pure Storage looks for $517m IPO

News: Company expects to sell 25 million shares for between $16 and $18.

By Joao Lima

All-flash vendor Pure Storage has published its S-1 form on its IPO venture, which reveals the company is seeking to raise up to $517.5 million.

The firm’s IPO in the New York Stock Exchange (NYSE) has been anticipated to be concluded in early October, with the company going public under the trademark PSTG.

Pure Storage said it plans to have a dual-share class structure and intends to sell 25 million shares for between $16 and $18, meaning its market cap could reach more than $4 billion.

Sabo Diab, Head of International Marketing at Infinidat, told CBR: "It is very important to see companies like Pure Storage heading to IPO as this reflects the market need for new disruptive technologies.

In its last yearly results ending January 31, the company posted revenues of $174.5 million, four times higher over the same period last year ($42.7 million), but net loss doubled to $183.2 million in 2015 (from $78.6 million in 2014).

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