Enterprise data storage provider Pure Storage files IPO
IPO activity is continuing to pick up steam in the tech community once again as Pure Storage becomes the latest player to official file its paperwork.
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The enterprise storage provider filed its Form S-1 with the U.S. Securities and Exchange Commission on Wednesday.
However, despite the announcement and requisite initial paperwork, a number of questions still remain.
First, here's what we do know.
Pure Storage plans to list Class A common stock under the ticker symbol "PSTG."
Looking at the balance sheet, Pure Storage reported $74.1 million in revenue for the three-month period ending on April 30, 2015. That's up 201 percent year-over-year from $24.6 million at the same time in 2014.
But Pure Storage also ended that quarter with a net loss of $49.1 million, up from $30 million in losses during the same time frame in 2014.
Pure Storage's workforce counted for more than 1,100 employees as of July 31, 2015. Coincidentally, Pure Storage highlighted it has over 1,100 corporate customers as well.
Morgan Stanley and Goldman Sachs will act as lead book-running managers for the proposed offering. Barclays, Allen & Company and BofA Merrill Lynch have all been tapped to help as book-running managers. Pacific Crest Securities, Stifel, Raymond James and Evercore ISI will act as co-managers.
Nevertheless, Pure Storage hasn't revealed which stock exchange it plans to trade on nor has it specified the number of shares to be offered and the price range for the proposed offering.
Earlier this summer, the Mountain View, Calif.-based company launched a new storage array along with new upgrade program and cloud management tools.
Altogether, the new flagship product reflects an ethos that flash-based storage systems are becoming the norm in the data center -- not to mention Pure Storage is taking on a more direct attack on IT stalwart EMC.