Tintri Slashes Expected Price Range Of IPO, Reduces Shares Offered

Tintri Inc. disclosed Thursday that it expected price of its initial public offering was slashed to $7.00-to-$8.00 a share, a day after the company said it expected the IPO to price between $10.50 and $12.50. The enterprise cloud platform company also cut the number of shares it was offering to 8.5 million shares from 8.7 million shares, meaning the amount it was raising has dropped to $68.00 million from $108.75 million. The options granted to the underwriters to buy shares to cover overallotments was reduced to 1.275 million shares from 1.305 million shares. This comes after meal-kit delivery company Blue Apron Holdings Inc.'s IPO priced at the $10, the low end of the expected range of $10 to $11, which had been lowered from a previously expected range of $15 to $17.