Violin Memory Files For $173 Million IPO
Violin Memory is a flash storage company that has filed a $173 million initial public offering, according to an SEC filing. Violin Memory chief executive officer Don Basile has said that the company will be going public soon for a while now.
Violin Memory raised $130 million this past February with a valuation of $800 million. Violin Memory will trade under the New York Stock Exchange with the symbol VMEM.
Violin Memory hit around $74 million in revenues for the fiscal year ended January 31st. In the first 6 months of this year, they hit around $51.3 million in sales. They are expected to surpass $100 million this year. Unfortunately, Violin Memory saw a $110 million loss for the full year ended January 31st. They saw a $59 million loss in the first half of the current fiscal year.
According to the filing, the largest shareholder is Toshiba. Toshiba owns slightly over 14% of the shares outstanding. Mark Rosenblatt, an angel investor, owns slightly over 8%. Basile owns a little under 5%.
J.P. Morgan Securities LLC, Deutsche Bank Securities, and BofA Merrill Lynch will be the lead joint book-running managers for the IPO. Barclays will be a book-running manager. Baird and Pacific Crest Securities will act as the co-managers.