Convio Surges on First Day After Cutting IPO Price
May 3, 2010, Bloomberg.com — Convio Inc., a maker of marketing software for nonprofit organizations, advanced as much as 22 percent in its first day of trading after cutting the price of its $46.2 initial public offering.
Convio sold 5.13 million shares at $9 each yesterday after offering the stock at $10 to $12, according to a filing with the Securities and Exchange Commission and Bloomberg data. The Austin, Texas-based company climbed as high as $10.99 in Nasdaq Stock Market trading. Alpha & Omega Semiconductor Ltd., the Hamilton, Bermuda-based maker of chips that extend the battery life of laptops, fell 1.7 percent to $17.70 after raising more than $91 million.
Convio reduced its IPO price after credit-rating downgrades of Greece, Portugal and Spain roiled equity markets and last week’s offerings in the U.S. raised 21 percent less than sought. All seven companies asked buyers to pay a premium after the Standard & Poor’s 500 Index’s rally to the highest level since 2008 had revived demand for IPOs.