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Tintri's lackluster IPO wiped out over half a billion dollars of its value (TNTR)

As a startup Tinrti was valued at $800 million. Its IPO drastically reduced that.

Tintri executives celebrate their IPO

Tintri held its one-day delayed IPO on Friday and investors responded with a yawn.

The stock was priced at $7 a share and opened basically flat at $7.12. On its first day of trading it has so far stayed well below $8.

Before going public, Tintri had raised $260 million from venture investors and was valued at $800 million.

With the performance of this IPO, the company is now valued at about about $231 million, based on $7.50 a share and its roughly 31 million outstanding shares, (if the IPO's bankers don't buy their optional, additional roughly 1.3 million shares.)

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In other words, this IPO killed a good $570 million of the company's value.

There were signs this IPO would not be spectacular. Tintri was supposed to go public on Thursday, but hours before that, it delayed the IPO so it could lower its target price and reduce the number of shares it planned to sell.

On Thursday it announced a new price range of $7-$8 per share, down from its previously planned range of The company initially hoped to raise about $100 million and settled for a tad over $60 million.

We asked Tintri CEO

On the other hand, there are a lot of reasons public market investors weren't red hot for this company. First of all, it plays in a traditionally troubled market.

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