Audience IPO watch: Phone audio software provider Audience updated the F-S1 filing, showing that the company plans to raise $79 million by issuing 530 million shares at the IPO price range of $14-$16 per share. Calculated by thee midpoint of the Audience IPO price, the company will command a market value of $338 million. Also read: ADNC stock surged 12.35% in the first trading day.
Audience was founded in 2000 and is a mobile audio software company with customers including Apple, HTC, Samsung, LG, Sony and other more than 60 cellphone manufacturers. The company generated only $2.45 million in sales for 2008 and posted a net loss of $14.49 million. The company grew rapidly in recent years, according to the regulatory filing, the company booked $5.75 million and $47.92 million for 2009 and 2010, respectively; the company achieved a profit of $0.48 million for the first time in 2010. As of the first nine months ended September 31, 2011, the company recognized revenues of $79.7 million, representing an increase of 183% compared to the same period of the previous year; net profit over the same period was $1.39 million.
The net proceeds received from the Audience IPO will be used for R&D as well as expansion in new markets and other activities.