In early June, data storage company Fusion-io (NYSE:FIO) pulled off a highly successful IPO. The company priced its deal at $19, which was above its $16-$18 range. On its first day of trading, FIO shares increased 18.4%.
Why the enthusiasm? Well, because Fusion-io is one of those cloud computing and storage stocks you hear so much about. It’s also a plus that it counts Facebook among its customers. But a big reason for the appeal of FIO is its chief scientist: Steve Wozniak, the co-founder of Apple.
The company reportedly gets about 24% of its revenue from Apple. Its flash memory technology is a big part of speeding up online response times. With a 4G iPad in the works, that puts an increasing demand on data-heavy multimedia like video, Fusion-io is well-positioned to benefit from Apple’s continued success.
The Facebook partnership is an added bonus, and a bit of diversification some might find very attractive. The stock is down since its November peak but has been on the rebound lately.