Data storage company Pure Storage said its initial public offering was expected to be priced between $US16 and $US18 per class A share, valuing the company at $US3.33 billion at the top end of the range.
The company is selling all the 25 million shares offered in the IPO, expecting to raise up to $US450 million.
Pure Storage makes flash-based storage products, which are typically much faster than hard disk drives. It competes with larger, established rivals such as EMC Corp and NetApp Inc.
The company’s IPO comes even as some fast-growing technology companies are shunning public listings, preferring to raise money in the private market at high valuations.
The technology sector accounted for just 11 per cent of IPOs so far this year, the lowest since 2008, according to Renaissance Capital.
Reuters reported in April that Pure storage was preparing for an IPO.
Pure Storage’s revenue more than quadrupled to $US174.4 million for the year ended Jan. 31. However, net loss increased to $US183.2 million from $US78.6 million.
The company’s customers include Lamar Advertising, Shutterfly, Intuit, and Skullcandy.
Morgan Stanley, Goldman Sachs, Barclays and Merrill Lynch, Pierce, Fenner & Smith are among those underwriting the IPO.
Pure Storage plans to list its Class A common stock under the symbol “PSTG” on the New York Stock Exchange.
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