Phone.com gains 151 percent in debut

Larry Dignan

Phone.com Inc. (Nasdaq: PHCM) stormed up 24 1/8, or 151 percent, to 40 1/8 in its initial public offering Friday. The stock priced at $16 a share late Thursday.

The stock was originally expected to the hit the trading floor at between $10 to $12 a share, but was subsequently moved up to a range of $14 to $16 a share.

CS First Boston is the lead underwriter for the 4 million share offering.

Phone.com, formerly known as Unwired Planet, Inc., provides Internet browser software for wireless phones and server software for wireless network operators.

The company also has an impressive customer list including: AT&T Wireless Services, Bell Atlantic Mobile, Nextel, Alcatel, Qualcomm and GTE Wireless.

For the nine months ending March 31, the company had revenue of $6.7 million and a loss of $13.9 million.

From its inception, 42 percent of its total revenue has come from licensing fees from wireless phone makers that embed Phone.com's browser.