Violin Memory shares fall in market debut

AP News
Posted: Sep 27, 2013 12:28 PM

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.