There has been a lot of time and [electronic] ink expended of late in the build-up to, and eventual launch of, the Pure IPO yesterday. Most of the commentary has concentrated on the valuation and stock trading zone. As I write this, the stock price has floated down softly to around $15.50, off from the offering starting point of $17 per share. The financial press headlines contain plenty of words like "disappointing" and "failed to impress." Moreover, they talk of the impact of this unicorn IPO on the appetite and enthusiasm for tech IPOs. In other words, it's a very parochial Wall Street view. And frankly, that's where the focus is misplaced, at least from the storage and IT market perspective.
Now, I am not here to suggest that the share price is irrelevant or that many people wouldn't have been happier to see a more robust start for PSTG shares. But there's a more significant set of considerations from a technology, industry and end-user perspective.