Pure Storage, which provides flash memory-based enterprise storage hardware, announced terms for its IPO on Thursday.
The Mountain View, CA-based company plans to raise $425 million by offering 25 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Pure Storage would command a fully diluted market value of $3.9 billion.
Based on our data, Pure Storage is correct in claiming it is the fastest growing company in storage industry history.
The company's largest competitor is EMC (NYSE: EMC).
Pure Storage, which was founded in 2009 and booked $274 million in sales for the 12 months ended July 31, 2015, plans to list on the NYSE under the symbol PSTG. Morgan Stanley, Goldman Sachs, Barclays, Allen & Company and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of October 5, 2015.
