Enterprise storage company Pure Storage has raised $425 million after pricing its IPO on the NYSE at $17 per share, reports the Wall Street Journal. The company is trading under the ticker, “PSTG.”
The Mountain View-based company competes with Dell, EMC, HP and others to provide flash storage products for businesses. Pure Storage warned in its filing that some of its competitors have “greater resources to make acquisitions” and larger marketing budgets.
Founded in 2009, the company has yet to achieve profitability and incurred a net loss of $183 million in its fiscal year ending in January. Yet Pure Storage is also experiencing rapid revenue growth, bringing in $175 million in the same period, more than triple the $43 million in sales the year before.