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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