Audience (ADNC) IPO Prices at $17, Above Expected Range

May 10, 2012 8:46 AM EDT
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Audience, Inc. (Nasdaq: ADNC) priced its 5,270,180 share IPO at $17, above the expected $14-$16 range. Shares are expected to open today at 10:40AM ET on the Nasdaq under the symbol "ADNC."

J.P. Morgan , Credit Suisse, Deutsche Bank were listed as the lead underwriters.

Audience is a leading provider of intelligent voice and audio solutions that improve voice quality and the user experience in mobile devices. We collaborate with leading auditory neuroscientists to understand the human auditory system and have developed purpose-built processors that combine science and technology to function like human hearing.

Note from the filing:

The company's processors had been incorporated in over 60 mobile device models that have reached commercial production, including those sold by leading OEMs, such as Apple Inc. (Apple) through its contract manufacturers (CMs), HTC Corporation (HTC), LG Electronics Inc. (LG), Pantech Corporation, Ltd. (Pantech), Samsung Electronics Co., Ltd. (Samsung), Sharp Corporation (Sharp) and Sony Corporation (Sony).

Commencing in the three months ended December 31, 2011, Apple (Nasdaq: AAPL) has integrated our processor IP in certain of its mobile phones. Pursuant to our agreement, this OEM will pay us a royalty, on a quarterly basis, for the use of our processor IP for all mobile phones in which it is used... . Foxconn, one of Appleā€™s CMs, accounted for 81% and 70% of our total revenue in 2010 and the nine months ended September 30, 2011, respectively.

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