The next big tech IPO of the year is starting to look like a bummer

Nutanix CEO Dheeraj PandeyYoutube/DellNutanix CEO Dheeraj Pandey

Nutanix’s long-awaited IPO may be nearing — but at a lower price than anticipated.

According to an updated regulatory filing disclosed Monday, Nutanix is pricing its shares in the range of $11 to $13.

At the high-end of the range, that would give the infrastructure company a market cap of $1.8 billion — slightly lower than the $2 billion-plus reported valuation it fetched two years ago in its Series E funding.

That’s not an encouraging sign for a company that initially filed to go public in December 2015. Nutanix has repeatedly delayed its IPO for the past 9 months, and took a $75 million loan in May, which caused some concerns around the company’s financials.

The price range could still change. Depending on investor interest, Nutanix could price it at a higher or lower point as it gets closer to the actual IPO. Also, it could be strategically pricing it at a lower point in hopes of a larger first-day pop.

Still, given the fact that 2016 has been one of the weakest tech IPO markets ever, Nutanix’s lower-than-anticipated price range would be a disappointment to many tech investors looking for a bounce.

Nutanix is best-known for its computer storage technology called “hyperconverged,” which makes it easier and cheaper for companies to run their servers. Since its founding in 2009, Nutanix has raised $318 million so far.

Here’s a quick rundown of some of its most important numbers:

– Full year revenue (ended July 2016): $444.9 million, up 84% year-over-year

– Billings: $637 million, up 106% year-over-year

– Operating loss: $165 million, up 40% year-over-year (but slowing from 2015’s 51% growth)

– Net loss: $168.5 million (Nutanix has never been profitable)

– Operating cash flow: $3.6 million (turned operating cash flow positive for the first time this year)

Nutanix declined to comment on this story.

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