Nimble Storage files to raise up to $150M in IPO

Nimble Storage, led by CEO Suresh Vasudevan, has filed to raise up to $150 million in an IPO.

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Cromwell Schubarth: Senior Technology Reporter- Silicon Valley Business Journal; Email | Twitter | Google+

Hybrid data storage company Nimble Storage has filed to raise up to $150 million in an IPO.

The San Jose-based company led by CEO Suresh Vasudevan sells devices that combine both traditional hard disks and flash drives.This straddles the divide between the upstart flash drive companies like Violin Memory and Pure Storage and the big legacy players like EMC and NetApp.

Its revenue shot from about $1.6 million in fiscal 2011 to about $49.8 million in fiscal 2013, which ended back in January. Sales more than doubled in the first six months of 2013 to $50.6 million.
Its net loss more than doubled between fiscal 2011 and 2013 to about $27.9 million. Its loss for the first six month this year was about $19.8 million.
Nimble has raised more than $80 million in funding since it was founded in 2008.

Sequoia Capital and Accel Partners are the biggest stakeholders, with 20.9 percent of the company's shares. Lightspeed Venture Partners owns about 15.8 percent of Nimble's shares.

Other major shareholders are CEO Vasudevan (5.5 percent), Varun Mehta (11.9 percent) and Umesh Maheswari (11.2 percent).

Nimble said it plans to list on the New York Stock Exchange with the symbol "NMBL."
It said it plans to use the funds raised for working capital and other general corporate purposes.

Click here to read the SEC filing for Nimble Storage's IPO.

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