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Storage System Vendor Nimble Storage (NMBL) Files $150M IPO

October 18, 2013 11:30 AM EDT Send to a Friend
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Nimble Storage (NYSE: NMBL) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed maximum offering price is $150 million. The company plans to list on the New York Stock Exchange under the ticker, NMBL.

The offering is being made via Goldman, Sachs & Co., Morgan Stanley, Pacific Crest Securities, William Blair, Stifel, Oppenheimer & Co., and Needham & Company.

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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