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Nimble Storage (NMBL) IPO Prices at $21, Above Expected Range

December 13, 2013 8:58 AM EST Send to a Friend

Nimble Storage IPO

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Nimble Storage, Inc. (NYSE: NMBL) announced the pricing of its initial public offering of 8,000,000 shares of its common stock at $21 per share, above the expected $18-$20 range. The shares are expected to begin trading on the New York Stock Exchange today, under the symbol "NMBL."

Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as lead joint bookrunners for the offering. Pacific Crest Securities LLC, William Blair & Company L.L.C., Stifel, Nicolaus & Company, Incorporated, Oppenheimer & Co. Inc. and Needham & Company, LLC are acting as co-managers for the offering.

Brief financial statement from the company: We have experienced significant growth in recent periods with total revenue of $1.7 million, $14.0 million, $53.8 million and $50.6 million in the years ended January 31, 2011, 2012 and 2013 and the six months ended July 31, 2013. Our net loss was $6.8 million, $16.8 million, $27.9 million and $19.8 million in the years ended January 31, 2011, 2012 and 2013 and the six months ended July 31, 2013. As our sales and customer base have grown, we have also experienced growth in our deferred revenue from $2.0 million as of January 31, 2012 to $10.9 million as of January 31, 2013 and to $19.9 million as of July 31, 2013. Our gross margin has improved from approximately 55% for the year ended January 31, 2012 to 62% for the year ended January 31, 2013 and to 63% for the six months ended July 31, 2013. As a percentage of total revenue, our operating expenses have declined from 175% for the year ended January 31, 2012 to 114% for the year ended January 31, 2013 and to 101% for the six months ended July 31, 2013.

Competitors include arge storage system vendors like EMC (NYSE: EMC), NetApp (Nasdaq: NTAP), Xyratex (Nasdaq: XRTX), and Dot Hill (Nasdaq: HILL), among others.

Nimble Storage said its mission is to provide its customers with the industry’s most efficient data storage platform.




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