Motion processing chip developer Invensense raised $75m from its initial public offering (IPO) on Tuesday, selling 10 million shares of common stock at $7.50 a share.
A further 1.5 million shares are available for purchase from the stockholders over the next 30 days by the IPO’s underwriters: Goldman Sachs, Morgan Stanley, Oppenheimer & Co., Piper Jaffray, Robert W. Baird & Co., and ThinkEquity. The company was trading at $8.65 per share at 1147ET today.
Invensense has raised $41.9m in equity since its founding in 2003, with shareholders in the company including semiconductor and telecommunications conglomerate Qualcomm. The two largest shareholders pre-IPO were venture capital firms Artiman Ventures and Partech International.
Expectations had been adjusted pre-flotation with the maximum share price amended from $10.50 down to $8.50. However, InvenSense managed to surpass the expected proceeds of $68.6m.