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.