[video] Quick Take: Violin Memory IPO Trades Down
Although the company's offering was priced at $8 a share, the stock was changing hands for slightly less than that early Friday. Basile said it was the first enterprise-class memory company to conduct an IPO.
Violin Memory solves challenging and complex memory problems for companies such as AOL
Basile said the company has just scratched the surface on its potential and plans on using the IPO proceeds for general corporate purposes, while expanding sales and marketing.
The company already has a presence in 33 countries and is looking to expand that number, along with its margins, Basile said.
The executive concluded that the company is looking to increase growth in an industry that has a lot of upside potential and proving to Wall Street that it can grow quarter after quarter.
-- Written by Bret Kenwell in Petoskey, Mich.