The tech IPO market is frozen. Storage vendor Nutanix is further proof.
It's been over three months since Square and Match Group debuted, and not a single software or Internet company has followed. Seven of the past 10 technology companies to go public are trading below their offer price, and four are down by at least 20 percent, according to FactSet.
Nutanix, which filed its IPO prospectus in December, is holding off on selling shares until the stock market volatility wanes, said sources familiar with the matter. The developer of data center technology that wraps together storage, servers and virtualization was set to go public in late January, but has been advised by its bankers to wait for the market to calm, said the sources, who asked not to be named because the discussions are private.