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Tintri has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 8.5 million shares in the range of $7 to $8 per share, with an overallotment option for roughly an additional 1.275 million shares. At the maximum price, the entire offering is valued up to $78.2 million.

Keep in mind this is a significant drop from the previous pricing range ($10.50 to $12.50) and a valuation drop of about $50 million.

The company intends to list its shares on the Nasdaq under the symbol TNTR. The underwriters for the offering are Morgan Stanley, Merrill Lynch, Pacific Crest, Needham, Piper Jaffray, Raymond James and William Blair.

This company provides large organizations and cloud service providers with an enterprise cloud platform that offers public cloud capabilities inside their own data centers and that can also connect to public cloud services. Its highly differentiated and extensible enterprise cloud platform combines cloud management software, web services and a range of all-flash storage systems.

The enterprise cloud platform not only delivers many of the benefits of public cloud infrastructure, but also gives organizations the control and functionality they need to run both enterprise and cloud-native applications in their own private cloud. Organizations use Tintri’s platform as a foundation for their own private clouds — to build agile development environments and run mission-critical enterprise applications.

Tintri enables users to guarantee the performance of their organization’s applications, automate common IT tasks to reduce operating expenses, troubleshoot across compute, storage and network, predict their organization’s needs to scale and provide needed elasticity on demand. The enterprise cloud platform enables organizations to easily scale to support tens of thousands of virtual machines on a single system across multiple hypervisors and containers.

The company detailed its finances in the filing as follows:

We have experienced significant revenue growth, with revenue increasing from $49.8 million in fiscal 2015 to $86.0 million in fiscal 2016 and to $125.1 million in fiscal 2017, representing year-over-year growth of 73% and 45%, respectively, for our two most recent fiscal years. Our revenue increased from $22.9 million in the three months ended April 30, 2016 to $30.4 million in the three months ended April 30, 2017, representing period-over-period growth of 33%. Our net loss was $69.7 million, $101.0 million, and $105.8 million in fiscal 2015, 2016, and 2017, respectively, and $30.8 million and $30.7 million in the three months ended April 30, 2016 and 2017, respectively. We have funded our activities primarily through debt and equity financings. As of April 30, 2017, we had an accumulated deficit of $376.0 million.

The company intends to use the net proceeds from this offering for general corporate purposes and working capital.