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Nutanix Inc. (NASDAQ: NTNX) entered the market with a bang. The company priced its 14 million shares at $16, above the expected pricing range of $13 to $15 per share, with an overallotment option for an additional 2.1 million. At this price, entire offering is valued up to $257.6 million. Despite pricing there, the stock actually entered the market at $26.50, a premium of 65.6% above the expected price.

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.

Shares of Nutanix were trading up more than 91% at $30.66, with a range of $26.10 to $30.70 so far on the day as of noon Eastern. Also over 12 million shares had moved on the day.