Pure Storage (PSTG) IPO Opens Lower

Today's IPO for Pure Storage (NYSE: PSTG) opened for trading at $16.74 after pricing its initial public offering of 25,000,000 shares of its Class A common stock at a price to the public of $17.00 per share, the middle of the expected $16-$18 range.

Morgan Stanley and Goldman, Sachs & Co. are acting as lead book-running managers for the proposed offering. Barclays, Allen & Company LLC and BofA Merrill Lynch will act as book-running managers, and Pacific Crest Securities, a division of KeyBanc Capital Markets, Stifel, Raymond James and Evercore ISI will act as co-managers.

Pure storage aims to deliver data storage that transforms business through a dramatic increase in performance and reduction in complexity and costs.

Financial info:

This market opportunity is reflected in our rapid growth. Our revenue increased from $6.1 million for the fiscal year ended January 31, 2013 to $42.7 million for the fiscal year ended January 31, 2014 and to $174.5 million for the fiscal year ended January 31, 2015, representing year-over-year revenue growth of 603% and 308% for our two most recent fiscal years. Our revenue increased from $59.4 million for the six months ended July 31, 2014 to $158.7 million for the six months ended July 31, 2015, representing period-over-period growth of 167% for our most recent interim period. Our net loss was $23.4 million, $78.6 million, and $183.2 million for the fiscal years ended January 31, 2013, 2014 and 2015, respectively and $95.2 million and $113.0 million for the six months ended July 31, 2014 and 2015, respectively. For the fiscal year ended January 31, 2015 and the six months ended July 31, 2015, 77% and 78% of our revenue was from the United States and 23% and 22% from the rest of the world, respectively.

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