Violin Memory raised $162 million in an initial public offering (IPO) of 18 million shares priced at $9 on Friday.
Trading of VMEM on the NYSE closed at $7.02, down 22% for the day.
Violin Memory, which was founded in 2005 and is based in Santa Clara, California, specializes in flash memory arrays for enterprise data centers.
The Violin Maestro suite of Memory Services, which runs on memory-optimized, hardware-accelerated Violin Memory Appliances, provides non-disruptive migration of data off legacy storage to high performance Violin Memory Arrays. The company said its software transparently learns application I/O patterns and accelerates performance. The software provides dynamic tiering of application data between Memory Tier and disk storage.