Tintri Files For $100M IPO, Lists Channel Partners As Part Of Growth Strategy

Tintri has officially filed for its IPO, saying Friday that it intends to raise $100 million as it looks to capitalize on the growing marketing for enterprise cloud offerings.

The Mountain View, Calif.-based company said it plans to list on the Nasdaq under "TNTR." The company said it plans to price 8.7 million shares between $10.50 and $12.50, giving it a total market value of around $379 million.

In its S-1 filing with the Securities and Exchange Commission, Tintri said it intends to put the proceeds of the IPO toward general corporate purposes. Those purposes could include sales and marketing, engineering, technology development, and general and administrative expenses. Tintri said it could also look to use the capital for acquisition or investment to grow its technology, business and services.

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Tintri first announced its intention to file for an IPO in June, filing a registration statement with the SEC at that time.

The company was not required to provide full disclosure of its financial information, as it is deemed an "emerging growth company." The company did reveal fiscal 2017 revenue of $97.3 million, up from $68.6 million in 2016. Tintri also posted a growing loss, with a $105.3 million loss in 2017 and a $100.3 million loss in 2016.

The company said in its filing that its technology is positioned to take advantage of the growing market for enterprise cloud offerings, specifically global virtualized x86 storage systems and software, a market research firm IDC expects to reach $37.4 billion by 2018. Tintri specializes in the development of virtual machine-aware storage offerings featuring both flash and hard disk capacity. The company differentiates itself with virtual machine-aware technology that looks at data from a virtual machine-centric point of view instead of at LUNs and volumes. This lets administrators manage the VMs rather than the details of the storage.

Tintri laid out a growth strategy in its S-1 filing that included further software innovation, expanding its customer base, increasing sales to current customers, adding new partnerships, and expanding into new markets. It said value-add channel partners are also a key part of its growth strategy and expects to "focus our efforts on supporting those partners offering cloud services, including infrastructure 'stacks' that include our solutions."

In the lead-up to its IPO, Tintri raised a significant amount of venture capital funding, most recently raising $125 million in Series F funding in August 2015. The company has raised a total of $260 million in venture capital funding since it was founded in 2008.