The week started out as a promising one for tech IPOs, with Blue Apron and Tintri preparing to launch their shares into the public market. Late Wednesday, that changed, with Blue Apron pricing its IPO at $10 a share – below the expected $15 to $17 a share range – and Tintri backing away from an IPO planned for Thursday.
Tintri’s platform uses an all-flash storage system to offer companies public cloud services inside their own data centers while also connecting to public cloud services. Tintri revenue rose 33 percent year over year in the first quarter to $30.4 million, while its net loss stayed roughly flat at $30.5 million. Tintri has been spending $2 for every dollar in revenue it brings in.
In a prospectus, the company said it planned to raise $109 million through the sale of 8.7 million shares priced between $10.50 and $12.50 per share. Morgan Stanley and BofA Merrill Lynch are listed as Tintri’s lead underwriters.
Tintri reached out to a number of journalists, including VentureBeat, to alert them to an IPO planned for Thursday. Late Wednesday, it emailed that “Tintri’s plans to list tomorrow has changed.” It’s not clear whether Tintri’s offering was withdrawn, delayed, or canceled because of a last-minute acquisition, as happened to AppDynamics when Cisco bought it January.
A Tintri spokesperson declined to comment further on its IPO plans. As of Wednesday evening, Tintri hasn’t updated its filings with the SEC.
This Jack Barker-ish video outlines Tintri’s business model.