Bloomberg News

Nexsan Postpones $60 Million Initial Public Offering

April 09, 2010

Nexsan Corp., a maker of disk-based storage systems, postponed its $60 million initial public offering, becoming the 10th U.S. company to delay or shelve an IPO this year.

Nexsan had planned to sell 5 million shares at $10 to $12 this week, according to its filing with the Securities and Exchange Commission and Bloomberg data. The Thousand Oaks, California-based company was scheduled to list its shares on the Nasdaq Stock Market under the ticker NXSN.

The postponement came after shares of Eden Prairie, Minnesota-based Compellent Technologies Inc., which Nexsan cited as one of its competitors, tumbled 26 percent yesterday on a reduced first-quarter sales forecast. Eight U.S. companies had sold shares within or above the forecast price ranges for their initial offerings since March 15 as the Standard & Poor’s 500 Index’s (SPX) rally to an 18-month high revived the IPO market.

Metals USA Holdings Corp., the metals processor owned by Leon Black’s Apollo Global Management LLC, raised $240 million yesterday selling shares at $21 each, above its forecast range. The Fort Lauderdale, Florida-based company fell 4.3 percent to $20.09 today at 12:05 p.m. in New York Stock Exchange trading.

Nexsan originally filed for an IPO in April 2008. San Francisco-based Thomas Weisel Partners LLC was tapped to lead the sale.

To contact the reporter on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net

To contact the editor responsible for this story: Daniel Hauck at dhauck1@bloomberg.net.


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