Shares of audio chip maker Audience Inc. priced higher than expected Thursday and are climbing in afternoon trading.
The initial public offering of 5.3 million shares priced at $17, above the $14 to $16 the company expected. The shares rose $2.15, or 12.7 percent, to $19.15 in afternoon trading.
The Mountain View, Calif., company is selling 5 million shares of stock, and shareholders are selling the rest. The underwriters of the IPO will have the option to buy another 791,000 shares.
Audience makes audio chips for Apple Inc.'s iPhone and other mobile devices. Its shares are listed on the Nasdaq Global Select Market under the ticker symbol "ADNC."
JPMorgan Securities, Credit Suisse, and Deutsche Bank are the book-running managers for the IPO, and Pacific Crest Securities is the co-manager.