Emboldened by a hot storage market and an even hotter technology IPO market, Nimble Storage recently filed a form with the SEC in hopes of raising $150 million in an initial public offering that would essentially serve as a war chest to fund its expanding business.
The IPO move by Nimble, which makes flash-optimized hybrid storage, comes on the heels of a trio of hot September tech IPOs. According to IPO research firm Renaissance Capital, the mid-September IPOs of FireEye, Benefitfocus and Rocket Fuel all rank in the five best-performing IPOs of 2013 thus far. As of Sept. 30, FireEye’s stock was up 107.7% over the initial IPO price, while Benefitfocus and Rocket Fuel had risen 85.5% and 85.3%, respectively.
Greg Schulz, senior analyst at storage research firm StorageIO, said via email that while storage stalwarts such as EMC, Dell, HP, Hitachi Data Systems and IBM all offer hybrid storage solutions, the fact that Nimble’s core technology is built to support both flash and disc storage, and that its messaging reflects this, gives the startup an advantage with customers interested in hybrid storage.
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