29 JUN

A storage startup scrapped its $109 million IPO the night before it was scheduled to debut

Tintri

Storage startup Tintri scuttled its plans for an IPO Wednesday night, less than 24 hours before it was slated to debut on the NASDAQ exchange.

While confirming to Business Insider that Tintri won’t IPO on Thursday, a company spokesperson declined to explain why or to give any further update on its plans to go public.

Companies rarely back out of a planned IPO the night before it’s scheduled to occur.

Tintri was seeking to raise $ 109 million in an IPO priced between $ 10.50 to $ 12.50 a share. The company’s most recent IPO filing document showed that it is experiencing mounting losses amid slowing revenue growth.

The Silicon Valley company has raised $ 260 million in venture capital financing from investors including New Enterprise Associates and Menlo Ventures.

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Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.