Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
(AP) - Violin Memory Inc. shares fell sharply in the flash storage maker's market debut.
The Mountain View, Calif., company raised $162 million. It priced its initial public offering of 18 million shares at $9 per share. That was the midpoint of the expected range of $8 to $10.
Violin Memory Inc. shares fell $1.53, or 17.1 percent to $7.47 in midday trading Friday.
The stock is trading on the New York Stock Exchange under the symbol "VMEM".
The company has granted underwriters an option to buy up to 2.7 million additional shares to cover overallotments.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
