Flash memory maker Fusion-io to go public

Fusion-io, a maker of NAND flash memory cards for servers, announced today it is seeking to raise $150 million in an initial public offering.


Fusion-io, a maker of NAND flash memory cards, announced Tuesday that it plans an initial public offering it hopes can raise $150 million. The company said it has filed a registration statement with the US Securities and Exchange Commission (SEC).

Fusion-io makes specialised NAND flash cards designed to boost the performance of data centre servers. The flash cards offer throughput of up to 278,000 I/Os per second and up to 1.28TB of capacity.

Most NAND flash-based solid state drives (SSDs) shipping today mimic hard drives in form factor and serial ATA connectivity. On the other hand, Fusion-io's ioDrive consists of NAND flash and a controller on a PCI Express (PCIe) expansion card. The PCIe technology offers throughput of up to 128Gbit/sec throughput, while SATA tops out at 6Gbit/sec today.

Dell and Samsung, the world's leading supplier of NAND flash chips, are major investors in Fusion-io, which has has raised about $115.5 million in three rounds of private funding.

The company stated in its IPO filing that it had shipped more than 20 petabytes of flash-based memory to date. Fusion-io competes with Violin Memory, Anobit Technologies and Xiotech in offering SSD or flash cards that accelerate server performance.

Fusion-io declined comment on its IPO bid.

The number of shares to be offered and the price range have not yet been determined. Goldman, Sachs and Morgan Stanley are acting as lead active joint book-runners for the proposed offering, and JP Morgan Securities and Credit Suisse Securities are acting as passive joint book-runners.

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