The new stock was first priced at $19, and it eventually closed at $22.50, a 24 percent increase in one day.
Fusion-io, one of the more
innovative users of NAND flash for enterprise data centers, staged its initial
public offering June 9 and did very well in its first day on the New York Stock
Fusion-io (NYSE: FIO),
probably best known for hiring Apple co-founder Steve Wozniak as its chief
scientist, originally had expected to price its shares at $13 to $15, which was
later upped to $16 to $18. The stock eventually was priced at $19, and it closed
at $22.50, a 24 percent increase, in one day. It was selling at slightly below
that price in after-hours trading.
Thanks partially to an
endorsement from Facebook, which uses the company's fast storage arrays in its
data centers, Fusion-io ended up with a market value of about $1.8 billion on
its first day as a public company.
Fusion-io's ioDrive is the
first direct-attached, solid-state server storage array that uses PCI-Express,
or PCIe, connectivity. The ioDrive is small-barely larger than a typical
handheld device-that uses advanced NAND flash chip clustering to perform the
same functions as a spinning disk storage array, only with much faster
read/write performance and much less power draw.
Most IT shops, if they use
NAND flash, utilize it in purpose-built solid-state drives. Fusion-io's angle
is that its units plug into the same sockets as hard disk drives and are much
For example, the company
claims ioDrive is capable of 120,000 random read/write IOPS-about 100 times
faster than a typical Serial ATA drive.
PCIe was introduced by Intel
in 2004. It is a computer-expansion card standard based on point-to-point
serial links, rather than a shared parallel bus architecture, and is designed
to replace the older PCI, PCI-X and AGP standards.
Fusion-io has been busy
creating other products during its five years in operation. Last year, the
company came out with a new NAND
flash-optimized OS subsystem
called the ioMemory VSL (Virtual Storage
Layer) for better utilization of NAND flash memory and storage arrays.
Wozniak has served as a key
technical adviser to the Fusion-io research and development group since