Wednesday, October 7, 2015

Pure Storage Fizzles in IPO

Pure Storage, a start-up based in Mountain View, California, completed its initial public offering (IPO) of 25,000,000 shares of its Class A common stock at a price to the public of $17.00 per share.  Trading of NYSE:PSTG closed at $16.01. The company offers all-flash storage arrays.

  • In April 2014, Pure Storage closed a $225 million Series F funding round, at a pre-money valuation of over $3 billion, to support its all-flash enterprise storage array strategy.  The round included contributions from previous public market investors including T. Rowe Price Associates, Inc. and Tiger Global and new investor, Wellington Management Company. The round also included participation from prior venture capital investors Greylock Partners, Index Ventures, Redpoint Ventures, and Sutter Hill Ventures. The new funding brings the company’s total capital raised to $470 million to date.