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[video] Quick Take: Violin Memory IPO Trades Down

Stocks in this article: VMEMEBAYAOL

NEW YORK ( TheStreet) -- It was the first day of trading for Violin Memory (VMEM), and TheStreet's Debra Borchardt spoke with CEO Don Basile about his company's future.

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.

Violin Memory solves challenging and complex memory problems for companies such as AOL (AOL) and eBay (EBAY), two of its largest clients.

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.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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