Tintri Goes Public, Raising $60 Million
Tintri, which sells all-flash storage arrays and software to create enterprise clouds, raised $60 million by offering 8.6 million shares at $7, the low end of the range of $7 to $8. Morgan Stanley, BofA Merrill Lynch, and Pacific Crest acted as lead managers on the deal.
Tintri’s all-flash architecture uses building blocks similar to public cloud to manage enterprise and cloud native applications. Customers guarantee the performance of their applications, automate common IT tasks via open APIs, troubleshoot across their infrastructures, and predict an organization’s needs to scale—the underpinnings of a modern data center. Tintri’s clients include Comcast, Chevron, NASA, Toyota, and United Healthcare.
According to the company, Tintri intends to use the proceeds from this offering for general corporate purposes, including working capital, sales and marketing activities, engineering initiatives, general and administrative expenses, and capital expenditures. The company may also use a portion of the proceeds to acquire or invest in businesses, products, services or technologies that complement its business, and to repay outstanding debt.