RPX Corp shares rise 26 pct in Nasdaq debut
* Shares up 25.7 pct, close at $23.88
* IPO raised $160.2 mln, priced above expected range
* Offers patent services to clients like Google, Cisco
* Began trading on Nasdaq under symbol "RPXC"
* Goldman Sachs and Barclays lead underwriters
NEW YORK, May 4 (Reuters) - Shares of RPX Corp (RPXC.O), a subscription-based service that helps companies manage patent-related risk, rose 25.7 percent in their debut on the Nasdaq on Wednesday after raising more than expected in its initial public offering.
Shares finished their first day of trading at $23.88, above the IPO price of $19. RPX raised about $160.2 million in the offering, selling 8.4 million shares.
The San Francisco-based company had planned to sell 7.3 million shares for $16 to $18 each.
RPX buys patents and charges clients to license them out and receive protection from possible assertions of patent infringement, according to its filing with the U.S. Securities and Exchange Commission.
RPX boasts such clients as Cisco Systems Inc (CSCO.O), Google Inc (GOOG.O), Nokia Corp (NOK1V.HE), Panasonic Corp (6752.T), Samsung Electronics Co (005930.KS) and Verizon Communications Inc (VZ.N), according to the filing.
The company's revenue roughly tripled last year to $94.9 million, while its pro forma net income per share on a diluted basis jumped to 36 cents per share versus the 6 cents per share it reported in 2009.
Goldman Sachs and Barclays were lead underwriters on the IPO. (Reporting by Alina Selyukh; Editing by Tim Dobbyn)
- Tweet this
- Share this
- Digg this