In a first-day jump that hasn\u2019t been since 2014, enterprise cloud platform Nutanix Inc\u2019s shares showed a 130% jump at close of business. It was the best first day pop for a tech startup since Castlight Health Inc. gained 149% in June 2014, and overall the largest since Seres Therapeutics gained 186% in June 2015, with their respective IPOs.\r\n\r\nThe California-based company priced its share offering at $16 per share to raise about $238 Mn on September 30, 2016. The per-share offering was slightly elevated than the expected range.\r\n\r\nNutanix initially set the price range at $11-$13 and upped it to $13-$15, a move that could have placed its market capitalisation at a lower share than its $2 Bn valuation.\r\n\r\nIn keeping the share steady at $16, the company avoided this downturn in valuation as well as proved early naysayers wrong regarding a \u2018down round\u2019 from its previous valuation in private financing.\r\n\r\nAccording to an official statement given to Market Watch, Nutanix CEO Dheeraj Pandey said, \u201cThe stock\u2019s first-day performance showed investor appetite for new companies, and underscored the need for hyperconverged systems, which combine computing and storage. Obviously, there\u2019s a pent-up demand for a good story,\u201d he added.\r\n\r\nNutanix was founded by Dheeraj Pandey, Ajeet Singh and Mohit Aron in 2009. It simplifies cloud-computing and cuts costs by letting clients keep some of their data in-house and outsource other pieces to the cloud. It uses a process called hyperconvergence to do so. Nutanix\u2019s clients include Aflac, Best Buy, eBay, Honda, financial services providers, health-care companies, in around 70 countries.\r\n\r\nIt is backed by LightSpeed Venture Partners, which owned the biggest stake before the IPO. Other investors include Khosla Ventures, Blumberg Capital II, and Riverwood Capital Partners.\r\n\r\nBefore Nutanix, Twilio\u2019s June IPO was considered the best debut for tech unicorns. Speaking of the need for more startups to start the IPO process, Renaissance Capital analyst Matthew Kennedy urged other unicorns to move forward and consider IPOs. He also added that the conservative pricing of $16 per share may have been necessary to make the offering comfortable for investors in light of tech startups\u2019 soaring valuations.\r\n\r\nThere have been 14 IPOs coming from the tech space this year and seven of them have come in this quarter itself, according to Renaissance Capital, manager of IPO-focussed EFTs.\r\n\r\nAs Nutanix is considered to be the first mover in its field of hyperconvergence, the faith in product and investors has been repaid with a robust debut in the stock market. But the company is unwilling to rest on its laurels and plans to move forward with a bouquet of new offerings.\r\n\r\nDheeraj stated that the company plans to make \u201cbox companies vanish\u201d, in an official statement. It also plans to do development work in areas such as automation, machine learning, software, and security.\r\n\r\nThe story was reported on MarketWatch.