Wow. Fusion-io, the developer of flash- memory technology for companies, just upped the final price of its IPO to $19 per share, after increasing the range yesterday to $16 to $18 per share from $13 to $15 per share. At $19 per share, the company is valued at $1.47 billion dollars with 77,809,084 shares outstanding at the time of offering.
The company, which will begin trading on the New York Stock Exchange under the symbol “FIO” tomorrow morning, is offering a total of 10,755,607 shares in its IPO and aiming to raise as much as $254.6 million. Another 1,544,393 shares are being offered by selling stockholders. In addition, the underwriters have an option to purchase up to an additional 1,845,000 shares from Fusion-io on the same terms and conditions.
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.
While the IPO market has been heating up for tech companies of late, it’s still unclear whether Fusion-io will have a strong showing on the public markets long-term. 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.