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After months of speculation, SAN specialist Compellent has become the latest storage vendor to hit the IPO trail, filing its S-1 with the U.S. Securities and Exchange Commission (SEC) this morning. (See Compellent Plans IPO.)
Morgan Stanley will act as the vendor's book-running manager, with Needham & Co., Piper Jaffray, RBC Capital Markets, and Thomas Weisel Partners acting as co-managers of the offering.
The number of shares to be offered and the price range for the offering have not yet been determined, although the vendor plans its IPO sometime in the third quarter of this year.
Compellent was founded in 2002 and has clinched $53 million in three rounds of funding. Management's eyed an IPO for awhile, hoping to eventually trade under the ticker symbol "CPLT." (See System Startups Get Fresh Funding, Compellent Picks Up $15M, and Compellent Adds to Board.)
The S-1 reveals that Compellent's revenues are heading in the right direction, up from just under $10 million in 2005 to $23.3 million in 2006. Revenues for the first quarter of 2007 were $8.9 million, compared to $3.3 million in the same period last year.
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