Reuters: Regulatory News: UPDATE 1-Audience Inc IPO prices above range

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UPDATE 1-Audience Inc IPO prices above range May 9th 2012, 22:35 Wed May 9, 2012 6:35pm EDT May 9 (Reuters) - The initial public offering of voice and audio technology company Audience Inc priced above its expected range on Wednesday, according to an underwriter, raising $89.6 million. The Mountain View, California-based company, which makes processing chips used in Apple Inc products such as the iPhone, had planned to price shares between $14 and $16. It ended up selling shares at $17, the underwriter said. Audience offered five million shares, while existing stockholders offered 270,180 shares. The company's proceeds will be used for working capital and other corporate purposes, including research and development and expansion to new market segments. Net sales in 2011 more than doubled to $97.7 million. Net income climbed 73 percent to $8.3 million. Audience, which began shipping chips in 2008, sells its products to Apple's contract manufacturers like Foxconn International Holdings Ltd and Protek Ltd. It has sold over 160 million processors. Audience's products improve the voice quality in mobile devices by filtering out background noise. Technology IPOs have performed well so far this year, with the sector boasting the highest average first day return - 29 percent - of all industries aside from consumer, according to IPO research firm Renaissance Capital. "Audience is really alone out there within a very good market niche and that's what has been required in past tech offerings that have really worked well," Scott Sweet, senior managing partner at IPO research firm IPO Boutique, said earlier on Wednesday. Audience will list on the Nasdaq under the symbol ADNC. IPO underwriters include J.P. Morgan, Credit Suisse and Deutsche Bank. Link this Share this Digg this Email Reprints

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