(Bloomberg) -- Nutanix Inc. surged in its trading debut after the software maker raised $238 million in its initial public offering.
Nutanix rose 86 percent to $29.80 at 11:32 a.m. in New York, giving the company a market value of about $4.1 billion.
The San Jose, California-based company sold 14.87 million shares for $16 apiece, according to a statement Thursday. The terms reflect both an increased number of shares and a price above the marketed range, which the company boosted this week.
Nutanix, which makes software that can store and analyze data on inexpensive, standard servers, had offered 14 million shares for $13 to $15 each. It lifted the price range this week, from $11 to $13 a share initially. The stock is listed on the Nasdaq Stock Market under the symbol NTNX.
Following the slowest start to a year for IPOs since the financial crisis, and the fewest U.S. technology IPOs in seven years, a flurry of offerings have come to market in the past few weeks.
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Advertising-technology company Trade Desk Inc. raised $96.6 million this month, including an over-allotment. Apptio Inc. sold about $110 million in stock and Everbridge Inc. raised $104 million. All three have gained at least 35 percent since their debuts.
Nutanix posted revenue of about $445 million for the year ended July 31, an 84 percent increase from the previous 12 months, according to its prospectus.
The company hasn’t made a profit in at least the past five years, the prospectus shows. The net loss in fiscal 2016 widened to $168.5 million from $126 million the previous year.
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and Royal Bank of Canada managed the deal.
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