A storage startup called off its $109 million IPO the night before it was scheduled to debut
The company did not provide an explanation for the highly unusual move.
While confirming to Business Insider that Tintri won't begin trading on the NASDAQ exchange on Thursday, a company spokesperson declined to explain why or to give any further update on its plans to go public.While companies sometimes delay or shelve plans for an IPO, backing out of an offering on the eve of the listing is very rare.
The sudden Tintri news called to mind the scrapped IPO of AppDynamics in January, after networking giant Cisco swooped in and acquired the company for $3.7 billion at the eleventh hour. In the case of Tintri however, there were no immediate reports of an acquisition.
Tintri was seeking to raise $109 million in an IPO priced between $10.50 to $12.50 a share. The company's most recent IPO filing document showed that it is experiencing mounting losses amid slowing revenue growth.
The Silicon Valley company has raised $260 million in venture capital financing from investors including New Enterprise Associates and Menlo Ventures.