Nutanix, a US-based enterprise cloud company backed by venture capital firm Sapphire Ventures, is set to float on Nasdaq today after completing a $237.9m initial public offering yesterday, valuing it at $2bn.
The company sold 14.87 million shares in its IPO priced at $16, slightly above the anticipated 14 million shares and an expected range of $13 of $15. Nutanix had filed for a $200m initial public offering in December 2015 but delayed the flotation citing market conditions.
Incorporated in 2009, Nutanix has created a cloud platform aimed at business users that combines server, virtualisation and storage silos into a unified interface. The company raised approximately $403m in combined equity funding and debt financing.
Sapphire Ventures, spun out of enterprise software developer SAP, and Riverwood Capital partners co-led a $101m series D round in January 2014, with participation from Morgan Stanley Expansion Capital, Greenspring Associates, Lightspeed Venture Partners, Khosla Ventures and Battery Ventures.
Nutanix’s largest shareholder is Lightspeed, which held 22.7% that has dropped to 20.4%. Khosla’s stake has been diluted from 10.8% to 9.7%, Mohit Aron’s share has gone from 8.7% to 7.8%, and Blumberg Capital’s stake has been reduced from 5.7% to 5.1%.
Financial services conglomerate Fidelity held 6.1% ahead of the offering, which is dropping to 5.4%. Finally, Riverwood’s 5% stake has been diluted to 4.5%.
Nutanix’s remaining backers include investment bank Goldman Sachs, which most recently provided $75m in debt financing in June 2016.
The company has granted underwriters a 30-day option to purchase up to an additional 2.1 million shares.
The underwriters are Goldman Sachs, Morgan Stanley and JP Morgan Securities as well as RBC Capital Markets, Robert W Baird, Needham & Company, Oppenheimer, Pacific Crest Securities, Piper Jaffray, Raymond James & Associates, William Blair & Company, and Stifel, Nicolaus and Company.