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By | Chris Mellor 25th May 2011 08:53

Fusion-io backers to get rich(er)

One BEEELLION dollars... On day one!

Fusion-io could capitalise on the flash flood to become a billion dollar company on its first day as a public company.

It aims to sell shares on its IPO day for $13 to $15, and that would capitalise the company at up to $1.17bn, according to Bloomberg.

With Fusion selling 10.8 million shares, it hopes to raise up to $212m, $62m more than the $150m mooted when the IPO was first filed in March.

The company has raised around £110m in venture capital and it became profitable in the first quarter of this year, with net income of $7.04m, contrasting with a loss of $6.71m a year ago. Its customer base is quite narrow, so predicting future sales is consequently difficult. There are a number of competitors bringing roughly similar PCIe-connected server flash storage products to the market and it will be interesting to see if Fusion-io can hold on its leading position. ®

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