Nutanix made its stock market debut with a bang. After pricing shares at $16, the enterprise data storage company saw 131% gains on its first day of trading.
With clients like Toyota and Best Buy, Nutanix aims to make it easier for businesses to manage their data centers. Its cloud offerings are making infrastructure “invisible, so the businesses can focus on applications and services,” CEO Dheeraj Pandey told TechCrunch.
Early investor and Storm Ventures partner Anshu Sharma told TechCrunch that “the pragmatic focus on virtual desktop infrastructure for mid-size companies allowed him to focus and grow fast in the early years and ultimately provided a clear path to the much bigger market of virtualizing all storage and computing.”
Nutanix is not yet profitable, but Pandey remained optimistic because they are operating cash flow positive. “We have a method behind this madness of growth,” he said and seemed confident that the company will continually improve it financials.
There have been few tech IPOs this year, but the ones that braved the public markets have done very well. Twilio has also seen its shares rise substantially since its June debut and many are hoping that this means there will be a resurgence in tech offerings.
Nutanix previously raised almost $400 million in venture capital and debt. Khosla Ventures, Lightspeed and Battery Ventures were amongst its investors.
Like many of the recent tech IPOs, Nutanix opted to list on the Nasdaq stock exchange. Its ticker is “NTNX.”