The technology IPO rush continues this week as Fusion-IO, the developer of flash- memory technology for companies, increased the price of its IPO to $16 to $18 per share. The company had previously priced its shares at $13 to $15 per share, which valued the company at as much as $1.17 billion. The increase announced today puts Fusion-io’s total value at $1.4 billion.
Fusion-io’s enterprise flash-based drives help store data in smaller devices and is known for being an incredibly fast data storage solution. Facebook is a client of Fusion-io, which has raised $110 million from Meritech Capital Partners, Accel Partners, Andreessen Horowitz and Triangle Peak Partners, New Enterprise Associates and Lightspeed Venture Partners.
Fusion-io is planning to sell 10,755,607 shares in the offering; and current stockholders will be offering 1,544,393 shares as well. The company plans to raise as much as $254.6 million (up from $212 million a few weeks ago), and will begin trading on the New York Stock Exchange under the symbol “FIO.”
Investors are keeping a close watch on Fusion-io, which is expected to begin trading this Thursday. In the nine months that ended March 31 (its fiscal year ends June 30), revenue quintupled to $125.5 million and gross profit quadrupled to $65.7 million. But as Dow Jones notes, 10 clients account for 91% of the company’s revenue and Facebook alone generated 47% of Fusion-io’s revenue in the past nine months.