Pure Storage Trading Below IPO Issue Price In Market Debut

Pure Storage , an enterprise storage company, was trading at $16.83 in the first minutes of trading Wednesday, below its initial public offering issue price of $17. In its prospectus, the company had set a share range of $16 to $18 and said it would offer 25 million shares to raise $400 million to $450 million. It listed on the New York Stock Exchange. Morgan Stanley and Goldman, Sachs & Co. were the lead book-running managers for the offering.