FORTUNE -- After reading through Violin Memory's IPO registration last month, I questioned whether the company could achieve the $2 billion valuation that it reportedly had been seeking just last fall. In fact, I wasn't certain it even would get a premium to the $800 million+ valuation it secured in its last round of venture capital funding.
Now it seems that Violin -- or at least its bankers -- agrees with my assessment.
The flash storage company set its IPO terms today, disclosing that it plans to offer 18 million shares at between $8 and $10 per share. That would work out to a market cap of just $736 million, were it to price in the middle of its range.
Violin is offering all of the shares, and plans to trade on the NYSE under ticker symbol VMEM. Lead underwriters are J.P. Morgan (JPM), Deutsche Bank Securities (DB) and BoA Merrill Lynch (BAC). Expectations are that it will price sometime next week.
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Can Violin Memory live up to its own hype?
FORTUNE -- Violin Memory this week filed for a $172 million initial public offering, after more than two years of teasing. Unfortunately, I'm not sure the wait was worth it.
For context, my sky-high expectations for Violin were of the company's own doing. Here is what CEO Don Basile told Fortune in June 2011, in anticipation of an IPO by rival flash storage MOREDan Primack - Aug 29, 2013 2:39 PM ET
Violin Memory now worth $800 million.
Flash storage company Violin Memory has raised $50 million in new funding, at a valuation north of $800 million. SAP Ventures and Highland Capital Partners were joined by return investors like Toshiba and Juniper Networks (JNPR).
A formal announcement is expected Monday.
The Mountain View, Calif.-based company has now raised over $140 million since the beginning of 2010, including a $40 million infusion last June that valued MOREDan Primack - Mar 30, 2012 12:50 PM ET
Violin Memory wants to be the Stradivarius of flash-storage companies, and just raised some big money to help make it happen.
Don Basile doesn't want to get ahead of himself. He's only been running Violin Memory for a couple of years, taking over when the Silicon Valley flash memory company had no revenue and a similar valuation. But he can't quite help himself, particularly as Violin rival Fusion-io -- which Basile MOREDan Primack - Jun 7, 2011 8:17 AM ET
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