After pulling its IPO yesterday, all-flash and hybrid array startup Tintri repriced its shares at $7 to $8, down from the previous $10.50 to $12.50 range.
It offered 8,572,000 shares at this price, lower than the original 8.7 million. That means it should raise $60m instead of around $110m, and the company’s valuation is around a paltry $215m – a long way from the 2015 valuation of $785m.
The shares began trading on the NASDAQ Global Market today under the symbol “TNTR,” and the offering is expected to close on July 6, subject to customary closing conditions.
Tintri has granted the underwriters a 30-day option to purchase up to an additional 1,285,800 shares of common stock from the company. They were originally given an option for 1,305,000 shares.
Currently the shares are trading at $7.33, above the base issue price.
It all follows on from Blue Apron’s lowered IPO debut. The impact of this unsatisfactory offering on Tegile and other prospective tech startup IPOs will be to delay them, while expectations and hopes are reset at lower levels. ®