Pure Storage (PSTG) Stock Slips in First Trading Day After IPO

NEW YORK (TheStreet) -- Pure Storage (PSTG)  shares are declining 3.41% to $16.15 in afternoon trading on Wednesday, the company's first trading day on the New York Stock Exchange after its IPO. 

Based in Mountain View, CA, Pure Storage provides an enterprise data storage platform in the U.S., Europe and Asia.

Yesterday, the company announced its initial public offering of 25 million shares at a price of $17 a share. Underwriters were granted the option to buy up to an additional 3.75 million shares. 

CEO Scott Dietzen was formerly the head of application development at Yahoo! (YHOO), according to Barron's.com.

More than $470 million was raised in private financing before this offering.

As of 2:27 p.m., more than 15 million shares had changed hands.

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