Business & Tech
Audience Inc. Raises $89.6 Million in IPO
The audio and video processing chip maker for Apple products sold shares at $17 on its first day in the public markets.
How does $89.6 million dollars sound?
That's the amount raised by Audience, Inc., and intelligent voice and audio solutions company for mobile devices, during their initial public offering Wednesday. The company began trading on the NASDAQ Global Select Market on May 10, 2012 under the ticker symbol "ADNC."
Audience offered a total of 5,270,180 shares of common stock at a price to the public of $17 per share, with 270,180 of those shares offered by certain selling stockholders.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering. Pacific Crest Securities LLC is acting as co-manager for the offering.
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