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| October 11, 2007 | Bloomberg |
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| Compellent Shares Rise 79% On First Day of Trading |
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| Portfolio Company: Compellent Technologies (NYSE: CML) |
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By Vivek Shankar
Oct. 10 (Bloomberg) -- Compellent Technologies Inc., the maker of network-storage computers for schools and government agencies, rose 79 percent in its first day of trading in New York.
The company raised $81 million in an initial public offering, selling 6 million shares at $13.50 a piece, according to a regulatory filing yesterday. That topped the $10 to $12 a share Prairie, Minnesota-based Compellent projected.
Sales more than doubled last year as Compellent added customers in retail, financial services and other industries seeking more space to store records. Global revenue from storage servers, Compellent's main business, may rise as much as 62 percent, to about $17 billion by 2011, according to Framingham, Massachusetts-based researcher IDC.
Compellent shares rose $10.69 to $24.19 at 4 p.m. in New York Stock Exchange composite trading. The company, whose clients include the University of North Texas and the U.S. Federal Bureau of Investigation, has about 30 million shares outstanding.
Morgan Stanley, Needham & Co., Piper Jaffray Cos., RBC Capital Markets and Thomas Weisel Partners LLC managed the share sale. They have the option of selling an additional 900,000 shares, Compellent said. |
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