Seeking Alpha

Nimble Storage sets IPO price range of $16-$18

  • Nimble's (NMBL) price range spells a valuation range of $1.12B-$1.26B, or perhaps (given how sales are trending) ~10x its likely FY14 (ends Jan. '14) revenue. (S-1)
  • Over the the first three quarters of FY14, the maker of hybrid enterprise storage systems (they use both hard drives and flash memory) had revenue of $84M (+149% Y/Y), and a net loss of $30M. Sales/marketing spend ($51.3M) rose 110% Y/Y and equaled 61% of revenue.
  • The company's cumulative customer base rose by ~350 in FQ3 to over 2,100, and its reseller base rose by ~180 to 780+.
  • Rival Violin Memory (makes flash-only systems) posted a very weak IPO in September, and then saw its shares crash last month due to an FQ3 miss and poor guidance. But Nimble's faster growth and narrower losses could yield a better investor reception.
  • Previous: Nimble IPO filing and technology
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