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.
| || |
| To receive FREE breaking news email alerts for Violin Memory, Inc and others in your portfolio|
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org