Flash storage company Violin Memory revised the terms of its initial public offering today, increasing the amount of money it hopes to raise when the company starts trading.
The company’s storage device is in Oracle and Cisco products (among others).
Violin’s revised IPO terms come after a very good week for the Flash memory industry. Not only did Western Digital spend $645 million for flash memory maker Virident, but Cisco also acquired flash memory company Whiptail for $415 million.
Violin first announced its plans for an IPO in late August. It estimated raising $172.5 million in common stock that would value the company at over $1 billion. With today’s revised terms, Violin said it could raise up to $180 million off of 18 million shares ($8 to $10 per share) at an $800 million valuation. As VentureBeat previously reported, Violin Memory netted nearly $74 million in revenue in the fiscal year ended Jan. 31. For the first six months of 2013 ended July 31, the company reported its loss increased from a year earlier to $59.2 million due to increased operating expenses, but revenue for the period jumped almost 70 percent to $51.3 million.
Violin Memory will trade on the New York Stock exchange under the ticker VMEM when it goes public.
Powered by VBProfiles