Reuters: Global Markets: Audience shares rise in debut on Apple link

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Audience shares rise in debut on Apple link May 10th 2012, 18:11 Tweet Share this Email Print Related News Audience Inc IPO prices above range Wed, May 9 2012 Facebook changes IPO pitch in Boston, scraps video Tue, May 8 2012 Zuckerberg kicks off Facebook's IPO show in New York Tue, May 8 2012 Facebook's Zuckerberg kicks off investor show in NY Mon, May 7 2012 Facebook plans to raise $10.6 billion in mega IPO Fri, May 4 2012 Analysis & Opinion Principal reductions begin in earnest The U.S. JOBS Act and non-U.S. companies: changes to the offering process and compliance challenges Related Topics Tech » Hot Stocks » Asian Markets » Media » Raindrops are seen in front of an Apple logo outside an Apple store in Shanghai February 22, 2012. Credit: Reuters/Aly Song By Ashutosh Pandey Thu May 10, 2012 2:11pm EDT (Reuters) - Shares of Audience Inc, which makes chips used in Apple Inc's iPhone, rose in debut, underlining investors' appetite for technology stocks in a weak IPO market. Audience sells its products, which improve the voice quality in mobile devices by filtering out background noise, to Apple's contract manufacturers like Foxconn International Holdings Ltd and Protek Ltd. "It is an emotional spill-over effect ... people are anticipating significant revenue from its links with the iPhone," Francis Gaskins, president of IPO research site IPOdesktop.com said. Audience, which is backed by New Enterprise Associates, Vulcan Capital and Tallwood Venture Capital, relies on Apple and Samsung Electronics Co for the bulk of its revenue. The Mountain View, California-based company, had priced its shares at $17 each, above its expected range of between $14 and $16. Shares of the company, which has sold over 160 million chips since it began shipping in 2008, were up 13 percent at $19.25 in afternoon trade on the Nasdaq. Technology IPOs have performed well so far this year, with the sector boasting of a significant 29 percent average first day return, according to IPO research firm Renaissance Capital. "It's a continuation of the trend of technology companies showing high top line growth, increasing profits, low debts and brand name ... and that has been the winning ingredient for the IPO participants," Scott Sweet, senior managing partner at IPO research firm IPO Boutique said. Another market entrant, Western Asset Mortgage Capital Corp, a real estate investment trust, failed to garner enough investor interest in its market debut. Its shares were trading flat at $18.65 on the New York Stock Exchange. (Reporting by Ashutosh Pandey and Aman Shah in Bangalore; Editing by Supriya Kurane) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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