Audience Raises Nearly $90M in IPO, Climbs on NASDAQ
May 11, 2012
Audio chip designer Audience raised $89.6 million in its IPO by offering 5.3 million shares at $17 apiece, priced above the expected range of $14 to $16. Audience climbed up to close at $19.10 yesterday, its first day trading on the NASDAQ under the symbol ADNC. Non-selling VC shareholders included New Enterprise Associates (holding a 22% stake post-IPO); Tallwood Venture Capital (24%); and Vulcan Capital (18%). VentureTech Alliance offered 93,846 shares, reducing its stake from 2.9% to 1.6%.