MENLO PARK, Calif.-Voice-interface software provider Nuance Communications Inc. postponed its initial public offering by a day, but still managed to beat the market, closing up $16.94 at $33.94 per share on a day when the Nasdaq fell almost 100 points.
The original plan was for the company to debut last Wednesday with 4.5 million shares up for grabs at $17 per share, but continuous market declines throughout the week put off the debut until Thursday.
The stock, one of the few IPOs highly regarded in recent weeks by analysts, was up to as much as $38.75 at mid-day, but late-day profit taking took its toll.
The offering netted the company $76.5 million to expand its software, which is already licensed by more than 150 companies, to run voice-enabled customer services, as well as send traffic reports, stock quotes and driving directions over the phone.
During 1999, the company posted a net loss of $18.5 million on revenue of $19.6 million, compared with a loss of $6.9 million on revenue of $11.8 million in 1998.
The company expects to launch its voice browser, called Voyager, later this year.
