(Reuters) - Pure Storage Inc filed with U.S. regulators on Wednesday for an initial public offering of common stock, a year after a private placement valued the data storage company at more than $3 billion.
Pure Storage makes flash-based storage devices, which are typically much faster than storage that runs on hard disk drives. It competes with larger, established companies such as EMC Corp EMC.N and NetApp Inc (NTAP.O).
The company has raised over $470 million from venture capital investors including Sutter Hill, Greylock, Redpoint, Index Ventures, T. Rowe Price, Fidelity and Wellington Management.
Reuters reported in April that Pure Storage had hired banks for an IPO.
Pure Storage’s revenue has more than quadrupled to $174.4 million for the year ended Jan. 31. However, the company’s net loss widened to $183.2 million from $78.6 million.
Shares of Violin Memory Inc VMEM.N have plunged 75 percent following its public offering in 2013.
Pure Storage plans to list its Class A common stock under the symbol “PSTG”. The company did not reveal the exchange on which it plans to list its stock or how many shares the company planned to sell.
Morgan Stanley, Goldman Sachs, Barclays and Merrill Lynch, Pierce, Fenner & Smith are among the underwriters to the IPO. (bit.ly/1MkedQN)
Pure Storage plans to use the proceeds from the IPO for general corporate purposes, including product development and sales and marketing.
The California-based company’s filing including a nominal fund raising target of $300 million.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Reporting by Neha Dimri in Bengaluru; Editing by Don Sebastian