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November 28, 2006

Isilon announces IPO details

Posted by Kim Peterson at 11:20 AM

Isilon Systems, a Seattle-based digital storage company, is looking to raise as much as $91 million in its upcoming initial public offering. The company has more details in a filing submitted last week to the Security and Exchange Commission. The filing doesn't say when the IPO will take place.

Isilon plans to offer 8.35 million shares at between $8.50 and $9.50 a share. It will likely be listed under the symbol "ISLN."

The company shared some interesting financial and customer information in the document, including:

-- It had a net loss of $19.2 million last year and $15 million in the first nine months of this year. As of Oct. 1 its accumulated deficit was $64.7 million.

-- It has a top-heavy customer list. Comcast and Eastman Kodak together represented 27 percent of Isilon's total sales for the first nine months of this year.

-- It plans to use some of the IPO money to repay $6.2 million in debt. The rest will go toward general corporate purposes.

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