It's been a lousy week for tech initial public offerings, so rough for Tintri that after slashing its offer price, the data storage company is worth about $225 million, or about $35 million less than the amount it raised as a private company.
Tintri, which sells to large enterprises, and Blue Apron, a meal kit delivery business for consumers, have almost nothing in common. Except that both grew rapidly fueled by venture capital, and sold shares this week to an investor base skeptical of emerging tech brands.
For both companies, some private investors are now underwater.
"Clearly there's a fairly negative secular backdrop," said Ken Klein, Tintri's CEO, in an interview shortly after his company debuted on the Nasdaq. "We were a bit guilty by association."
Klein was on the road with Tintri for close to two weeks, holding about 60 meetings with investors in cities including New York, Boston, Los Angeles, San Francisco and Chicago.
The company was intending to sell shares on Wednesday night at $10.50 to $12.50 a share and ended up delaying the offering by a day and selling at $7. It rose to $7.27 as of mid-day Friday.
Blue Apron had planned to price at $15 to $17, but ended up on Wednesday evening at $10. The stock hasn't even been able to hold that price, falling to $9.29 Friday afternoon.