Technology Money

IIT-Kanpur alum Dheeraj Pandey's Nutanix eyes $1.8 bn valuation in US IPO

US-based enterprise software company Nutanix Inc, co-founded by IIT-Kanpur alumnus Dheeraj Pandey, is gearing up for an initial public offering that could value the firm as much as $1.8 billion.

The company aims to raise up to $209.3 million by selling shares in a $11-13 price range, The Wall Street Journal said. It plans to use the money for capital expenditure and general corporate purposes.

Nutanix, set up in 2009, first filed for an IPO in December. The offering comes at a time when tech startups are struggling to get the valuation they want while raising money from investors.

Pandey graduated from IIT Kanpur in computer science in 1997. He has a master's degree in computer science from Texas, US, and worked with Oracle and Aster Data Systems before founding Nutanix. The company is backed by marquee investors such as Lightspeed Venture Partners, Khosla Ventures, Fidelity, Goldman Sachs and Morgan Stanley, according to its website.

According to Fortune, Nutanix is a leader in combining storage and computer servers in one unit. Those devices have traditionally been separate devices in their own sections of a data centre with their own tasks and management issues. That approach is meant to ease management issues for corporate customers.

Last month, the company said it would acquire PernixData Inc. and, which add to its services that let companies converge storage and computing across both public and private clouds.

Nutanix is planning to trade on the Nasdaq Global Select Market.

Like this report? Sign up for our daily newsletter to get our top reports.