Speech software maker DynaVox shares little changed after IPO raises $140.6M
By APThursday, April 22, 2010
DynaVox shares little changed in IPO debut
NEW YORK — Shares of DynaVox are little changed in their IPO debut.
The Pittsburgh company, which provides software for people with speech and learning disabilities, raised $140.6 million Wednesday night. That was slightly less than the $150 million it had expected.
The company had gotten buzz on Wall Street as the one to watch from the slew of offerings expected to price Wednesday. It’s a leader in its industry and has increasing profit margins.
DynaVox will use $86 million of the IPO’s proceeds, about 60 percent, to buy existing owners’ equity interests in the business. Another $42.6 million will help pay down debt.
The shares, trading on the Nasdaq under the symbol “DVOX,” are up 1 cent to $15.01 in midday trading.
