Nutanix's $209m, $13-a-share IPO revealed in homework to watchdog

Hyperconverged upstart Nutanix has submitted more details about its forthcoming IPO to the US financial watchdog, the Securities and Exchange Commission (SEC).

The San Jose-based biz will seek to raise up to $209,300,000 in the offering by selling 14,000,000 shares of Class A voting stock at a starting price of $11 to $13. An additional 2,100,000 non-voting shares will be reserved for its underwriters.

Nutanix said it expects the offering to net roughly $150m to 173m, depending on whether the underwriters choose to purchase the non-voting shares.

The offering will take place on an undetermined date later this year. Financiers underwriting the offering include JP Morgan, Goldman, Sachs & Co, and Morgan Stanley.

Nutanix specializes in software that melds storage and compute resources into virtual pools of capacity, can be set up and run on commodity hardware, including x86 servers made by IT mainstays such as Dell.

In the filing, Nutanix boasted of a fiscal 2016 revenue of $441m, but also noted a net loss of $168.5m. The company says those losses were due in part to the costs of expanding its own operation. Should the offering go as planned, Nutanix says it will use the proceeds to cover the ongoing costs of its expansion plans.

The IPO filing comes after months of speculation that Nutanix was gearing up for a public offering. The company has long been believed to be planning to IPO during the calendar year, but was beset by talk of delays and reports that the company was going back to banks for further loans to cover costs.

In that time, Nutanix also beefed up its holdings with the acquisitions of PernixData and Calm.io. ®