Nutanix plans to raise up to $209 million in long-awaited IPO

San Jose-based cloud computing company Nutanix was supposed to be one of the first initial public offerings of 2016.

The company filed for a $200 million IPO in December, and Silicon Valley eagerly waited for the deal to go through. But then the IPO market took a nosedive and Nutanix got cold feet, joining a long list of companies that decided to stay private a while longer.

Now it seems Nutanix finally is ready to take the plunge. On Monday morning the company set terms for its long-awaited IPO, revealing it plans to raise up to $209 million.

Nutanix plans to sell 14 million shares for between $11 and $13, with an option for underwriters to buy an additional 2.1 million shares, according to an updated document the company filed with the Securities and Exchange Commission. Excluding those additional options, Nutanix will raise $168 million if it prices in the middle of the range.

The revelation comes after Nutanix announced last month that it had acquired data storage company PernixData and automation startup Calm.io.

Nutanix could be worth as much as $1.8 billion as a public company, if its shares trade at $13. As a private company, Nutanix is valued at $2 billion, according to CB Insights.

Silicon Valley faced a tech IPO drought during the first half of the year. After Square went public in November, the sector didn’t see another offering until Twilio broke the ice in June. But the few that have braved the market have done well. Twilio, a San Francisco-based cloud communications startup, saw a first-day pop of nearly 92 percent. And Talend, a Redwood City-based data-software company, jumped 42 percent during its first day of trading in July.

Photo: A roomful of data servers that might be used to store information in the cloud. San Jose-based Nutanix offers an enterprise-cloud platform. (Thinkstock)

 

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