(Reuters) – Pure Storage space is making plannings for an initial public providing, including working with experts, one year after a private placement valued the data storage space company at more compared to $3 billion, according to individuals knowledgeable about the matter.
The providing would supply an improvement to what has actually been a slow-moving beginning for UNITED STATE modern technology IPOs up until now this year.
They were merely five in the very first quarter, below 13 a year earlier, according to Thomson Reuters data.
This is since fast-growing corporates currently choose to increase money in the personal markets at high evaluations instead compared to go public.
Mountain Sight, California-based Pure Storage has actually asked financial investment financial institutions Morgan Stanley, Goldman Sachs as well as Barclays to lead the IPO, which can come later this year, the individuals said on Monday.
The sources asked not to be recognized due to the fact that the company’s IPO plans are not yet public. Pure Storage space as well as the financial institutions all declined to comment.
Pure Storage makes flash-based storage space gadgets, which are normally much faster compared to storage that runs on disk drive. It contends with larger, well-known rivals such as EMC and also NetApp.
Pure Storage has actually increased over $470 million from financial backing investors consisting of Sutter Hill, Greylock, Redpoint, Index Ventures, T. Rowe Cost, Integrity and also Wellington Administration. Its last fundraising round in April valued the business at over $3 billion.
The firm has actually not divulged sales figures however said in a March press release that its profits enhanced 300 percent for the financial year ended January 2015.
Some data storage corporates IPOs have ended up disappointing financiers thus far. Shares of Violin Memory dove following its public providing in 2013, creating a number of class-action claims as well as separations from top executives.
Nimble Storage space, which had a successful IPO in 2013, has actually seen shares trip 31 percent in the last 12 months.