PE-backed Nimble Storage files for IPO of up to $150 mln

The company, which makes storage devices that combine hard disks and flash drives, competes with larger companies such as NetApp Inc and EMC Corp.

Nimble’s investors include Sequoia Capital, Accel Partners and Lightspeed Venture Partners. The company, founded in 2008, had raised $40 million in September 2012.

Goldman Sachs and Morgan Stanley are the major underwriters, the company told the U.S Securities and Exchange Commission in a preliminary prospectus.

Reuters reported in August that Nimble was planning an IPO later this year.

The filing did not reveal how many shares the company planned to sell or their expected price.

San Jose, California-based Nimble intends to list its common stock on the New York Stock Exchange under the symbol “NMBL.”

Net proceeds from the offering would be used for working capital and other general corporate purposes, the company said.

The company’s net loss widened to $27.9 million for the year ended Jan. 31, from $16.8 million a year earlier. Revenue rose to $53.8 million from $14 million during the period.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Avik Das is a reporter for Reuters News in Bangalore