Hortonworks, the data platform that delivers Enterprise Apache Hadoop, integrated with existing systems to create an efficient and scalable way to manage enterprise data, has filed for an Initial Public Offering. The number of shares to be sold and the price range for the proposed offering are yet to be determined.

Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC will act as joint lead book-running managers for the offering revealed a press release.

Branching out of Yahoo in 2011, the company intends to raise $100 million and list the common stock on the NASDAQ Global Select Market under the symbol “HDP.”, reports the official filing with the U.S. Securities and Exchange Commission. Yahoo controls 19.6 percent of Hortonworks stock, according to the filing, 18.7 percent is with venture-capital firm Benchmark while 8.3 percent for Teradata Corp. and 5.9 percent for Hewlett-Packard Co.

In an interview with VentureBeat earlier this year, Hortonworks CEO, Rob Bearden has mentioned this move, “We are aggressively moving toward an IPO,” VB reports. The company has incurred a loss of $86.7 million in the first three quarters of 2014 while garnering $33.3 million in support subscriptions and professional services revenue, according to the filing. The sales and marketing expenses for that period charts to $44.5 million. As VB points out, Hortonworks has been spending a lot to fuel its growth.

“If they have a successful public offering, that means we will continue to have a very successful business,” said competitor Cloudera’s CEO Tom Reilly. “I don’t think this is a race about who is the first public company.”

There has been no further word from Hortonworks in this regard.

Read more here.

(Image credit: Hortonworks)


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