Compellent IPO raises $81 million

Article by: Thomas Lee , Star Tribune
Updated: October 9, 2007 - 9:11 PM

Data storage maker Compellent Technologies Inc. raised $81 million Tuesday from its initial public offering.

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Data storage maker Compellent Technologies Inc. raised $81 million Tuesday from its initial public offering.

The Eden Prairie-based company offered 6 million shares at $13.50 each, compared with an initial estimate of $10 to $12 per share. The stock is expected to begin trading today on the NYSE Arca exchange under the ticker symbol CML.

Compellent, led by industry veteran Philip Soran, has generated considerable buzz in recent years. The company more than doubled its sales in 2006 to $23.3 million. Gartner Inc., an industry research firm based in Stamford, Conn., named Compellent the fastest-growing data storage company in the world in 2006.

Compellent makes data storage area networks, a combination of computer hardware and software that allows customers to store, recover and manage large amounts of data. The company also boasts a high profile list of investors, including Japan's Nomura Group, the venture capital unit of Cargill Inc., El Dorado Ventures, Crescendo Capital and Affinity Capital.

Compellent is the second Minnesota company to complete an IPO this year. Minneapolis-based Dolan Media Co., a legal publisher, raised $138 million from its IPO in August.

Two other local companies, medical device maker EnteroMedics Inc. of Roseville and CSAV Holding Corp. of Savage, which makes audio-visual mounting equipment, have filed for IPOs this year.

Thomas Lee • 612-673-7744

Thomas Lee • tlee@startribune.com