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Violin Memory Prices IPO At Mid-point Of Expected Range - Quick Facts

Violin Memory, Inc., a provider of memory-based storage solutions, announced the pricing of initial public offering of 18 million common shares at $9.00 per share, which is the mid-point of its estimated range of $8.00 and $10.00 per share.

Santa Clara, California-based company shares are expected to begin trading on the New York Stock Exchange on September 27, 2013 under the symbol "VMEM".

In addition, Violin Memory has granted the underwriters a 30-day option to purchase up to an additional 2.7 million shares of common stock at the initial public offering price to cover over-allotments, if any.

Violin said in a filing that it currently intends to use the net proceeds from this offering for working capital and general corporate purposes.

The company's net loss widened to $109.1 million in fiscal year ended January 31 from $44.8 million, a year earlier, whereas revenue rose to $73.8 million from the prior year's $53.89 million, according to a regulatory filing.

J.P. Morgan, Deutsche Bank Securities, and BofA Merrill Lynch are acting as lead joint book-running managers for the offering and Barclays is also acting as a joint book-running manager. Baird and Pacific Crest Securities are acting as co-managers. EM Securities is also an underwriter.

by RTTNews Staff Writer

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