-Fusion-io launches trading after successful IPO

Internet Business News
06-09-2011
-Fusion-io launches trading after successful IPO

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

9 June 2011 - Fusion-io (NYSE:FIO), the US provider of flash- based data storage platforms, will make its trading debut on the New York Stock Exchange today after an initial public offering (IPO) that had investors flocking to snatch shares, the Financial Times reported.
Despite its loss-making record, Fusion-io was able to price its shares at above-range USD19 apiece, offering further proof that appetite for tech stocks remains hearty. The company had already lifted the indicative range to USD16-18 from USD13-15.

The IPO raised USD233m, giving Fusion-io a valuation of USD1.48bn.

The group's revenues have ballooned in the last two years but profitability has so far remained out of reach. In 2010, Fusion- io's sales brought in USD36.2m, over three times the amount collected in 2009. Still, the year ended with net losses of USD31m.

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