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Markets

How Pure Storage Investors and Executives Are Coming Out Ahead

Few people will remember Pure Storage’s public market debut as a happy occasion. The stock ended up below its initial public offering price, putting a value on the company below its last fundraising round, although it has rallied a bit since.

But even at Pure Storage’s lowest point last week, most of the investors including some mutual funds such as T. Rowe Price who bought into the company before it went public were sitting on very healthy returns, regulatory filings reveal. Also doing well were senior executives such as CEO Scott Dietzen who got low-priced options. Only those investors that bought in exclusively during the final private fundraising last year—the company had six rounds before it went public—missed out on a big gain.

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Pure Storage’s IPO highlights how mutual funds are benefiting by investing earlier in the life cycle of tech companies, during private fundraisings.