Network storage firm Compellent Technologies seeks to sell up to $60m of common stock in the company's initial public offering.
Compellent has not provided the number of shares or price range, but indicated it plans to sell in the third quarter of this year under the ticker symbol "CPLT."
The business-class storage provider vends SAN boxes that combine Fibre Channel and iSCSI, and claims to be a lower cost solution to the big storage names such as EMC, Dell, IBM, HP and Hitachi. The company claims over 550 enterprises have purchased their Storage Center hardware.
Compellent will also join smaller storage companies such as Data Domain and Netezza, which have already jumped on the IPO bandwagon.
The company plans to spend the proceeds towards the usual suspects: sales, marketing, research and development, working capital, and possibly acquisitions or investments.
Compellent reported $8.9m in revenue during the first quarter of 2007, an increase from $3.3m the previous year. However, the company has yet to see profit. Company losses hit $2.1m during the quarter, up from $1.9m in the same period a year earlier.
The current $60m valuation is being used to calculate the SEC registration fee and may change substantially as the company nears the sale date. ®