Fusion-io (FIO) IPO Prices at $19, Above Expected Range

June 9, 2011 8:40 AM EDT
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Fusion-io (NYSE: FIO) priced its initial public offering of 12,300,000 shares at $19.00 per share, which was above the expected $16-$18 range which was recently raised from $13-$15. Shares will open today on the NYSE under the symbol "FIO."

The offering is being led by Goldman Sachs, Morgan Stanley, JP Morgan and Credit Suisse.

Fusion-io had revenue of $125.52 million for the nine months ended March 31, 2011. This is up from revenues of $25.29 million for the nine months ended March 31, 2010. Net loss during the 2011 nine month period was $1.21 million, versus a loss of $19.84 million in the first nine months of the 2010 fiscal year. Gross margin was 52% for the 2011 nine month period, down from 60% in last year's first nine month period.

With 77,809,084 shares outstanding after the offering, a $19 price would put the market cap at approximately $1.5 billion.

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