Thursday, May 10, 2012
Vulcan Portfolio Firm Audience Rises In IPO
Financiers over at Seattle-based Vulcan Capital should be happy this morning, after one of their portfolio firms hit the market in a successful IPO. Audience, a developer of voice processing technology which helps improve the quality of mobile phone calls, debuted on the Nasdaq as ADNC. The stock opened at $19.00 per share, above both its pricing last night at $17.00 per share and well above an initial estimated IPO range of $14.00 to $16.00 per share. Vulcan Capital owned a large pre-IPO chunk--25 percent--of Audience. The firm's other investors were New Enterprise Associates and Tallwood Venture Capital. Audience is based in Mountain View, California.