Bad day for Intel; good day for Intel Capital:
Thursday August 3, 12:09 pm Eastern Time
Resonate more than doubles in Nasdaq debut
NEW YORK, Aug 3 (Reuters) - Resonate Inc. (NasdaqNM:RSNT - news) shares more than doubled Thursday after the company, which provides Internet services management software, began trading on the Nasdaq.
Stock of the company, which counts Intel Corp. (NasdaqNM:INTC - news), Flatiron Partners and Lehman Brothers (NYSE:LEH - news) as investors, surged to 45-1/2, up 24-1/2 from its offering price. The increase made it the top percentage gainer on the technology- loaded Nasdaq. The Nasdaq stumbled 1.66 percent to 3,597.
Resonate priced its offering at $21 per share, above the company's raised price range, according to underwriter Goldman Sachs. The company had boosted the estimated price range to $17-$19 per share from $15-$17 per share.
Resonate raised $84 million from the sale of 4 million shares, revised from the original prospectus, which called for a 3 million share IPO. Resonate plans to use the money for working capital and general corporate purposes and to fund anticipated operating losses.
The Sunnyvale, Calif.-based company has net loss of $24.2 million and total revenue of $8.3 million for the six months ended June 30, compared with a net loss of $6.8 million and a total revenue of $3.6 million in the year-ago period.
Resonate has a market capitalisation of $1.2 billion based on 26.5 million shares outstanding and current stock price. |
