Violin Memory Files to Raise as Much as $172.5 Million in IPOLee Spears
Violin Memory Inc., the maker of memory-storage technology that’s partly owned by Toshiba Corp., is seeking as much as $172.5 million in a U.S. initial public offering.
Violin Memory didn’t say how many shares it will offer or at what price in a regulatory filing today. The Mountain View, California-based company has applied to list on the New York Stock Exchange under the symbol VMEM.
The company, which provides flash memory for data centers, originally filed IPO plans confidentially with U.S. regulators last year, contemplating a market value of as much as $2 billion, people familiar with the discussions said at the time.
Chief Executive Don Basile joined Violin Memory in 2009 after serving as CEO of Fusion-io Inc., another flash-memory technology company, for a year, filings show. Fusion-io went public in June 2011, raising $269 million including an over-allotment, and has since declined 43 percent in trading.
Affiliates of Toshiba, the Tokyo-based maker of products from flash-memory chips to steam turbines, is Violin Memory’s biggest shareholder, with a more than 14 percent stake before the offering, filings show.
JPMorgan Chase & Co., Deutsche Bank AG and Bank of America Corp. are leading Violin Memory’s offering.
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