Nutanix IPO Goes Big in Nasdaq Debut

Cloud computing company Nutanix on Friday debuted its IPO on the Nasdaq Stock Market and saw it rocket to more than twice its price of $16 per share.

The IPO includes 14.87 million shares of Class A common stock. The share price was $36.55 as of 3:27 p.m. ET on Friday after opening at $26.50.

Nutanix CEO Dheeraj Pandey told CNBC that “all I want is a healthy stock that doesn’t generate too much high and low.”

“I think the market keeps us honest,” he said. “They realize that there could be a lot of wastage in the name of growth and as the company grows larger, we have to be more mindful of what wastage means, and I think it’s going to be a pretty healthy balance taking care of our customers, employees and partners, but also making sure that we have some checks and balances built in.”{ad}

Kumar Srikantan, CEO of Pluribus Networks, said Nutanix is part of the “new generation of ITs that challenges the status quo for organizations that have traditionally needed to build bespoke systems that are complicated and expensive.” Pluribus is a Nutanix partner.

“The market’s reaction is a clear indication that there is a need to simplify the process of delivering IT services, and build agile systems that can be responsive to new business demands,” he said. “The ability to solve business challenges quickly and cost-effectively is paramount to the new generation of IT, and companies like Pluribus and Nutanix were founded on this explicit goal.”

Peter Godman, co-founder and CEO of Qumulo, a storage vendor, said the IPO tech market is “turning the corner and there is definitely a shift to fresher and newer storage offerings versus old guard, inflexible and repackaged solutions.”

“This is total validation that the market wants and needs better storage alternatives,” he said. “Qumulo sees this with new customers routinely and we expect to see a lot more disruption in enterprise storage.”