Enterprise virtualization and storage firm Nutanix Inc. is seeking $11 to $13 a share in its forthcoming initial public offering (IPO) of 16.1 million shares, the company disclosed in a Securities and Exchange Commission (SEC) filing Tuesday.

Of the shares on offer, Nutanix plans to sell 14 million Class A shares and 2.1 million additional shares that underwriters will be able to purchase should the IPO over subscribe.

Founded in 2009, Nutanix delivers invisible infrastructure for next-generation enterprise computing, with the aim of elevating IT to focus on the applications and services that power their business.

The company first ran with the idea of going public back in December 2015 but subsequently delayed the IPO and instead borrowed $75 million from Goldman Sachs in June this year. That loan was seen as nothing short of a lifeline for Nutanix given that it lost $119 million in the nine months through April 2016 and over $116 million during the year before that.

In its SEC filing, Nutanix said that as of July 31, it had 3,768 customers, including Best Buy, Kellogg, Nasdaq, Toyota and Department of Defense, and it had 657 prospective new customers during the second quarter.

Nutanix continues to grow, with billings in the second quarter growing 20 percent to $207 million with average quarterly revenue growth of 17 percent for the last eight quarters to $140m. While growing the business, Nutanix had net losses doubling from $84m to $168.5m in 2016. The company said it expects to continue to incur net losses “for the foreseeable future.”

Good news

While Nutanix’s financials don’t look particularly great coming into the IPO, the good news about their float is that it appears to be indicative of a market that is once again favorable to companies going public. Nutanix had delayed its float until such time as executives believed the market would be more receptive to them.

Twilio Inc. is the best example of an unprofitable tech firm going public of late and on market debut in June shares in the company surged; Nutanix will be hoping for a similar result.

Going into the float, Nutanix had raised $319 million over 8 rounds from investors including Blumberg Capital, Khosla Ventures, Lightspeed Venture Partners, Riverwood Capital Partners and Fidelity.

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