In normal times, the initial public offering of Nutanix wouldn’t get much attention. It makes esoteric computing gear for big corporate customers, it only has $241 million in revenue and was valued at $2 billion in 2014, when it last raised private money. Hardly a blockbuster in the age of Uber, valued 30 times higher than that.
But these aren’t normal times. The stock market’s plunge so far this year portends a rocky market through 2016. That suggests the IPO market, lackluster last year, could be even tougher this year. All of which puts the spotlight on Nutanix, which is likely to be one of the first tech firms to go public, having filed IPO papers just before Christmas. How investors respond to the IPO is likely to be closely watched by other tech companies contemplating going public.