Nutanix IPO Update: New S-1 Filing Updates Financials, Outlines Increased Competitive Threat From Dell-EMC

Hyper-converged infrastructure developer Nutanix is making yet another run at an IPO, according to a new S-1 filing.

In the fifth amendment of its S-1, filed with the U.S. Securities and Exchange Commission Monday, Nutanix said it expects to sell up to 16.1 million shares of Class A common stock at between $11.00 and $13.00 per share.

At the upper end of that range, the IPO would bring Nutanix, which has applied for listing on the Nasdaq exchange under the ticker symbol NTNX, a total of $209.3 million.

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Nutanix in its April amended S-1 filing did not list a price-per-share or an estimated amount to be raised in an IPO. In its December 2015 original S-1, Nutanix did not list an expected IPO price, but said it expected to raise about $200 million.

In its S-1 filing, Nutanix claims that as of July 31 it has 3,768 total end-user customers of its hyper-converged infrastructure solution, including 3,100 Global 2000 enterprises such as Activision Blizzard, Best Buy, Jabil Circuit, Kellogg, Nintendo, Nordstrom, Toyota Motor of North America, and the U.S. Department of Defense Office of the Secretary of Defense.

The company is still on an upward growth curve. Revenue for Nutanix's fiscal year 2016, which ended July 31, reach $444.9 million, up from $241.4 million in fiscal 2015 and $127.1 million in fiscal 2014.

However, the company posted a loss of $168.5 million in fiscal 2016, up from $126.1 million in fiscal 2015 and $84.0 million in fiscal 2014. As of July 31, the company realized an accumulated deficit of $441.9 million.

In its analysis of the competitive environment, Nutanix wrote that it operates in an "intensely competitive enterprise infrastructure market and competes primarily with companies that build and operate enterprise clouds, integrated systems, and standalone storage and servers."

Among its competitors are software providers like VMware and Red Hat; traditional IT systems vendors including Hewlett Packard Enterprise, Cisco Systems, Lenovo Group, Dell Technologies, Hitachi Data Systems and IBM; and storage vendors such as Dell, NetApp and Hitachi Data Systems.

Nutanix noted in the new S-1 that Dell, which is also an OEM partner for Nutanix, could through its acquisition of EMC become an even stronger competitor given its leading server and new leading storage businesses.

"The combined company, Dell Technologies, may be more likely to promote and sell its own solutions over our products or cease selling or promoting our products entirely. EMC also held the majority of the outstanding voting power in VMware, Inc. Dell now controls VMware, and could combine the Dell, EMC and VMware product portfolios into unified offerings optimized for their platforms. If Dell Technologies decides to sell its own solutions over our products, that could adversely impact our OEM sales and harm our business, operating results and prospects, and our stock price could decline," Nutanix wrote.

Nutanix also mentioned that it relies to a "significant degree" on indirect sales channels for revenue. In the S-1, the company listed two Carahsoft Technology and Promark Technology as accounting for a total of 38 percent of its revenue. Promark Technology was acquired by Irvine, Calif.-based distributor Ingram Micro in 2012.