By Julianne Pepitone @CNNMoneyTech June 9, 2011: 10:25 AM ET
NEW YORK (CNNMoney) -- Shares of Fusion-io, which makes data storage systems for big tech companies like Facebook, surged about 32% in their public debut Thursday.
The stock opened at $25 a share, giving Fusion-io an initial value of $3.1 billion. But shares quickly rose to $33 -- a whopping 74% above the IPO price.
Late Wednesday, the company priced its initial public offering at $19 a share -- above its previously announced range of $16-$18 a share.
Fusion-io (FIO) began trading Thursday on the New York Stock Exchange under the symbol "FIO."
Fusion-io sold 10.8 million shares, while shareholders put up 1.5 million. In total, the company raised $233.7 million through the IPO.
Fusion-io, founded in 2007 and based in Salt Lake City, makes flash memory products that are meant to make data centers more efficient. The products use less space and energy, which means fewer servers and a cooler data center.
Apple (AAPL, Fortune 500) co-founder Steve Wozniak is the company's chief scientist.
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The company has raised more than $111 million in funding from big-name VC firms including New Enterprise Associates, Lightspeed Venture Partners and Andreessen Horowitz.
Fusion-io logged $36.2 million in sales in its fiscal year 2010 ended June 30, but it also posted a loss of $31.7 million.
Facebook is Fusion-io's largest customer, accounting for 52% of revenue in the quarter ended March 31. But the company expects sales to Facebook will "decline significantly" in the current quarter.
The deal's underwriters are Goldman Sachs, Morgan Stanley, JP Morgan and Credit Suisse. They will have an option to buy about 1.85 million shares.
Fusion-io has 77.8 million shares outstanding after the offering.
Credit: CNN (www.cnn.com)
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