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» VIEW ALL POSTS Oct 18 2013   1:43PM GMT

Nimble follows Violin’s lead, files for IPO



Posted by: Dave Raffo
Tags:
hybrid flash arrays
nimble storage

Nimble Storage is trying to become the next public storage company after filing its S-1 form for an initial public offering today.

Nimble is right on time with its IPO plans. When the startup raised $40.7 million in funding in September of 2012, CEO Suresh Vasudeven said the goal was to go public between the third quarter of 2013 and the second quarter of 2014.

Nimble, which sells hybrid flash arrays that handle primary storage and data protection, reported $53.8 million in revenue for its fiscal year ending Jan. 31, 2013 and has already generated $50.6 million in the six months of this year that ended July 31. It has more than doubled the $19.1 million in revenue from the first six months of 2012.

However, Nimble is also losing money. It lost $27.9 million last year and $19.9 million in the first six months of this year. The vendor, which began selling its CS arrays in August, 2010, has a total of $77.8 million in losses. It raised $98.7 million in funding, with the last round coming in Sept. 2012.

Nimble wants to raise $150 million with its IPO, according to the filing. All-flash array vendor Violin Memory raised $162 million when it went public last month after reporting $73.8 million in revenue for the year ending Jan. 31 and $51.3 million in the six months ending July 31. Violin’s losses were $109.1 million for last year and $59.2 million over the six months ending July 31.

Violin’s IPO hasn’t been great for investors so far, though. The company sold its original shares at $8 but the price dropped more than 21% to $7.11 on the first day and stood at $7.26 at mid-afternoon today.

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