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Fusion-io - with Woz as Chief Scientist - Approaches Its IPO

Six-Year-Old Flash Memory Start-up Will Have NYSE Symbol FIO

Fusion-io, the six-year-old Salt Lake City flash memory start-up where Apple co-founder Steve Wozniak is now chief scientist, is scheduled to go public Thursday.

Its price was set at $19 a share, which means it'll raise $233.7 million and go out with an initial valuation of close to $1.5 billion. The price this week has inched up from $13-$15, to $16-$18, and finally to $19. Most of the money raised will go to the company.

Its ticker symbol on the New York Stock Exchange will be FIO.

The company's proprietary ioMemory, a form of flash memory, is supposed to be 100 times denser than DRAM, which means users need fewer servers to handle the same amount of data. And its ioMemory Virtual Storage Layer software connects operating systems and flash memory in its ioDrive products, which make it a very fast data storage solution.

It had revenues of $125 million, up 394%, in the nine months ended March 31 but Facebook and Apple bought 72% of its stuff during that time, creating are worries about follow-on orders. It's also coming out against a down-market headwind.

Fusion-io's backers include New Enterprise Associates, Lightspeed Venture Partners, Meritech Capital Partners, Accel, Andreessen Horowitz, Triangle Peak Partners, Sumitomo and Samsung, which are into it for at least $111.5 million.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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