Intel backed Cloudera files for IPO

Make way for yet another technology IPO.

Cloudera, the big-data management company backed by Intel, has filed paperwork with US securities regulators on Friday to raise as much as $200m via an initial public offering, as it looks to take advantage of renewed investor appetite to bet on young companies.

The $200m figure, a placeholder, is likely to change as underwriters begin a roadshow marketing the company to investors.

The move comes just weeks after Snap, the owner of disappearing messaging app Snapchat, raised $3.4bn in a frenzied public debut. Strong demand for technology stocks has helped propel the Nasdaq Composite index 10 per cent higher so far this year, making this its best quarter since the end of 2013.

Cloudera creates tools and provides services that help companies analyse and manage mass amounts of data and use it to make real time decisions. The company generated $261m in revenue for the fiscal year ending January 31, up from $166m recorded in the prior year period, according to its prospectus. Net loss narrowed to $187.3m from $203.1m during this time.

Since Snap’s IPO, two other technology companies have gone public. Software maker Mulesoft and Presidio raised $221m and $233m respectively earlier this month.