SAN specialist Compellent joined the rapidly growing list of storage vendors taking the IPO plunge yesterday, surging past its initial pricing and prompting speculation about which vendors will be next to go public.
The hardware vendor was initially hoping to raise $81 million through its offering after pricing its shares at $13.50. Trading under the symbol "CML", this figure was soon surpassed, and the shares opened at $23.00 yesterday, closing at $24.00, almost double the target price.
The frenzy of trading in Compellent's shares pushed the value of the vendor's IPO up to the $144 million mark.
Although Compellent's offering did not blow out the doors in the style of VMware's recent blockbuster IPO, at least one analyst predicts that other vendors will soon be taking the plunge. "3Par and EqualLogic's [IPOs] will be very soon," says Scott Sweet, senior managing partner at the IPOBoutique, adding that the firms are likely to go public in early November.
"Both of these are considered even more premier deals than Compellent, based on their financials," explains the analyst, although he expects Compellent to reach profitability by early 2008.