Pure Storage President Sees Big Growth Opportunities After IPO

Data storage company Pure Storage (PSTG) went public Wednesday on the New York Stock Exchange, opening below its initial offering price of $17. Despite the open, the company is confident that by selling shares it will have the money to grow its business. 'We're pursuing a $24 billion market opportunity,' said David Hatfield, President of Pure Storage. 'Our growth, with 300% last year, and with that big market opportunity, we're just getting started.' Hatfield said Pure Storage's growth rate is exceeding every other systems company, with recurring revenues from its customers. What the company hasn't done yet is turn a profit - and Hatfield would not say when profitability is expected. Hatfield said proceeds from the offering will be used to invest in innovation and marketing. He also explained why the company went public now, given the market's recent volatility. 'We think great companies always have a window in the public market,' said Hatfield. 'So we're thrilled with the outcome today and excited about continuing to build our business.'