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The flash unicorn: Pure Storage sets terms for $425 million IPO

September 24, 2015
PSTG

Pure Storage, which provides flash memory-based enterprise storage hardware, announced terms for its IPO on Thursday.

The Mountain View, CA-based company plans to raise $425 million by offering 25 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Pure Storage would command a fully diluted market value of $3.9 billion.

Based on our data, Pure Storage is correct in claiming it is the fastest growing company in storage industry history.

The company's largest competitor is EMC (NYSE: EMC).

Pure Storage, which was founded in 2009 and booked $274 million in sales for the 12 months ended July 31, 2015, plans to list on the NYSE under the symbol PSTG. Morgan Stanley, Goldman Sachs, Barclays, Allen & Company and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of October 5, 2015.