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Tech Industry

OmniVision surges in market debut

    Shares of OmniVision (Nasdaq: OVTI), a maker of for digital cameras and other devices, jumped 162 percent in its debut, after shares were priced at $13, well above the estimated $9 to $11 price range.

    The IPO stock closed Friday's regular trading at 34, up 21 from its initial offering price.

    Like many of the companies that crowded onto this week's calendar, OmniVision turns a profit. For the year ended April 30, the company earned $3.4 million on revenue of $40.0 million, as opposed to a loss of $4.0 million on revenue of $5.2 million in 1999.

    The company relies on Taiwan Semiconductor Manufacturing Company, or TSMC, and other overseas manufacturers to produce all of its wafers and final products. Taiwan-based Aucera Technology owns about 8 percent of OmniVision.

    Competing image sensor manufacturers include Agilent Technologies (NYSE: A), Conexant Systems (Nasdaq: CNXT), Intel (Nasdaq: INTC), Lucent Technologies (NYSE: LU), Mitsubishi Electronic, Motorola (NYSE: MOT) and Toshiba Corp.

    Lead Underwriter for the deal is Robertson Stephens. Co-managers are Prudential Volpe Tech and Needham & Co.
    • IPO Insider>