Originally published at www.seclive.com
Violin Memory Inc. is aiming to earn as much as $172.5M in an initial public offering. The memory-storage technology company, which is partially owned by Toshiba, has not specified the number of shares or expected price range for its shares. CEO Don Basile has been with the company since 2009 following a year serving as the CEO for Fusion-io Inc., which went public two years after his time at the company. Violin Memory intends to use the proceeds from the offering towards working capital, general corporate purposes, and to pay down debt. The company earned $74M in revenue last year while also reporting a net loss of $59.2M because of increased operating costs. Joint bookrunners to the offering are Bank of America (NYSE:BAC), Deutsche Bank AG (NYSE:DB), and JPMorgan Chase (NYSE:JPM).
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.