Nimble Storage takes off following IPO

After pricing its 8M-share IPO at $21 (above an elevated range), Nimble Storage (NMBL) opened at $31.10 and is currently trading at $30.07, up 43.2%.

The maker of hybrid flash/hard drive storage systems sports a market cap of $2.11B, or perhaps ~20x 2013 revenue (given how sales have been trending). Investors appear willing to pay steep multiples for Nimble on account of its triple-digit growth and proprietary CASL architecture.

Nimble's strong showing might encourage rival Nimbus Data (makes flash-only storage systems) to speed up its IPO plans.

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