Nutanix Closes in on IPO With Expected Price Range

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Nutanix has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company expects to price its 14 million shares in the range of $11 to $13 per share, with an overallotment option for an additional 2.1 million. At the maximum price, the entire offering is valued up to $209.3 million. The company intends to list its shares on the Nasdaq Global Select Market under the symbol NTNX.

The underwriters for the offering are Goldman Sachs, Morgan Stanley, JPMorgan, RBC Capital Markets, Baird, Needham, Oppenheimer, Pacific Crest, Piper Jaffray, Raymond James, Stifel and William Blair.

This company provides a leading next-generation enterprise cloud platform that converges traditional silos of server, virtualization and storage into one integrated solution and can also connect to public cloud services. Its software-driven platform delivers the agility, scalability and pay-as-you-grow economics of the public cloud, while addressing enterprise requirements of application mobility, security, data integrity and control.

Nutanix has combined advanced web-scale technologies with elegant consumer-grade design to deliver a powerful enterprise cloud platform that elevates IT organizations to focus on the applications and services that power their businesses. Nutanix refers to its platform as “invisible infrastructure” because it provides constant availability and low-touch management, enables application mobility across computing environments and reduces inefficiencies in IT planning.

A few of the highlights the company noted in the filing:

  • Average billings growth of 20% on a quarterly basis for the last eight fiscal quarters, which grew from $60.8 million in the three months ended October 31, 2014 to $206.6 million in the three months ended July 31, 2016.
  • Average revenue growth of 17% on a quarterly basis for the last eight fiscal quarters, which grew from $46.1 million in the three months ended October 31, 2014 to $139.8 million in the three months ended July 31, 2016.
  • An increase in deferred revenue of 713% over the last eight fiscal quarters, which grew from $36.5 million as of July 31, 2014 to $296.5 million as of July 31, 2016.

The company plans to use the net proceeds from this offering primarily for capital expenditures, as well as for general corporate purposes, including working capital, sales and marketing activities, research and development and general and administrative matters.