Pure Storage IPO to price in $16-$18 per share range: Reuters

(Reuters) — Data storage company Pure Storage Inc said its initial public offering was expected to be priced in the range of $16-$18 per class A share, valuing the company at $3.33 billion at the top end of the range. The company is selling 25 mln shares in the IPO and expects to raise up to $450 million. 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 rivals such as EMC Corp and NetApp Inc. Reuters exclusively reported in April that Pure storage was making preparations for an IPO.

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Pure Storage IPO to price in $16-$18 per share range: Reuters