Dive Brief:
- Nutanix sold 14.87 million shares in its initial pubic offerings last week, according to a Reuters report.
- Its $16 IPO price was above the indicated range of $13 and $15, valuing the company at more than $2 billion.
- Nutanix is unprofitable to date, but recent IPOs has demonstrated growing investor interest in technology companies whether they are profitable or not.
Dive Insight:
The company had originally planned to IPO in January, but delayed its debut because of market uncertainty.
Nutanix products provide software-defined IT infrastructure that runs virtualized applications and delivers many of the benefits of public cloud services. As more companies push to adopt cloud technology, the more the merrier when it comes to solutions on the market.
Recent technology IPOs have demonstrated growing investor interest in technology companies. Software company Twilio went public in June. Twilio is also not profitable, but is currently trading at almost four times above its June IPO price.
