By Heather Somerville
SAN FRANCISCO, April 4 (Reuters) - Nutanix on Monday disclosed a rise in quarterly revenues to a record high in a new regulatory filing that signaled the high-tech computing and storage company is proceeding with plans to go public.
Nutanix is among technology companies waiting for stock market volatility to subside before it launches an initial public offering. This year has not seen any tech IPOs.
The U.S. IPO market in the first quarter hit its lowest level since the depths of the 2008 financial crisis, according to Renaissance Capital, a global IPO investment adviser.
The U.S. Securities and Exchange Commission requires companies preparing an IPO to keep financial records up to date, so Nutanix's filing suggests it has not put its plans on ice.
The San Jose, California company reported $102.7 million in revenue for the three-month period ending Jan. 31, a 17 percent increase over the previous quarter and an 81 percent increase over the same period a year ago.
The company's losses have been growing along with its revenue. For the six-month period ending in January, it lost nearly $71.8 million, a 27 percent increase from the previous year, when the company lost $56.3 million.
At this pace, Nutanix is on track to have its best year yet in revenues. Last fiscal year, it had $241.4 million in revenue, according to regulatory filings. It has made more than three quarters of that during just the first half of the current fiscal year.
Nutanix was valued at $2 billion at its last private financing round in August 2014. Its backers include Battery Ventures, Khosla Ventures, Fidelity Investments and Goldman Sachs, among others.
Sources familiar with the matter told Reuters last year that the IPO could value Nutanix at more than $2.5 billion, including debt. Since then, however, valuations of many privately held tech companies have come under fire as excessive.
Nutanix has already faced scrutiny from at least one investor. Fidelity marked down its stake in the company by more than 10 percent between January and February, according to a disclosure released by Fidelity last week.
(Reporting by Heather Somerville; Editing by Andrew Hay)