Although the company's offering was priced at $8 a share, the stock was changing hands for slightly less than that early Friday. Basile said it was the first enterprise-class memory company to conduct an IPO.
Basile said the company has just scratched the surface on its potential and plans on using the IPO proceeds for general corporate purposes, while expanding sales and marketing.The company already has a presence in 33 countries and is looking to expand that number, along with its margins, Basile said. The executive concluded that the company is looking to increase growth in an industry that has a lot of upside potential and proving to Wall Street that it can grow quarter after quarter. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts