Shares of Tintri rose more than 5 percent on Friday morning, making their debut on the New York Stock Exchange under the symbol “TNTR.”
The company priced its initial public offering at $7 per share, at the low end of the expected range of $7 to $8 per share. At more than $60 million, the IPO is scaled back considerably from the $109 million the company originally planned, with a range of $10.50 and $12.50 per share.
Tintri provides an enterprise cloud platform that helps companies manage their storage and databases, and automate IT tasks. The start-up is backed by investors like Lightspeed Venture Partners, New Enterprise Associates and Silverlake Kraftwerk.
With more than 1,300 customers, Tintri posted revenue of $125.1 million in the latest fiscal year, up from $86 million in the prior year. But the company also reported a net loss of $105.8 million last year, steeper than the $101 million loss in the year prior.
Tintri is one of several enterprise technology companies to go public this year, amid a renewed interest in the IPO market. Cloudera, Appian and Alteryx also started trading in the first half of the year.
But while the volume of U.S. public offerings tracked by Renaissance Capital is up from last year, the companies have seen mixed success. Snap shares have fallen about 20 percent in the past three months, while Blue Apron, which went public on Thursday, has already fallen below its IPO price.
— Reuters contributed to this report.