InvenSense shares jump on first trading day

AP News
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Posted: Nov 16, 2011 11:00 AM
InvenSense shares jump on first trading day

Shares of InvenSense, whose motion-sensing technology is used in the Nintendo Wii, are climbing 15 percent on their first trading day.

InvenSense Inc. had priced its initial public offering of 10 million shares at $7.50 each. That was at the lower end of its expected range of $7 and $8.50.

On Wednesday morning, the stock is up $1.15 to $8.65 on the New York Stock Exchange under the "INVN" symbol.

InvenSense's main client has been Japanese video game maker Nintendo Co., which accounted for 73 percent of the company's revenue in its fiscal year 2011. InvenSense's technology helps power the Wii.

The Sunnyvale, Calif., company plans to use proceeds as working capital or for acquisitions. But it says it is not in talks to acquire any company at the moment.