Vocera Communications had a spectacular start to its initial public offering of stock on March 28, pricing above expectations at $16 per share and opening at $24.
The San Jose-based firm sells wireless, one-touch voice communication and documentation software that works via wearable badges. It serves more than 800 hospitals.
The company filed for an IPO in August 2011 and recently projected a price per share of $12-$14 before bumping it to $16. Vocera expects to raise $80 million before costs for its 5 million shares put on the market, with selling stockholders offering 850,000 shares and underwriters having a 30-day option to purchase up to 877,500 more shares to cover over-allotments.
Vocera will use the funds to pay off debt and possibly make acquisitions. The company was founded in 2000 and bought four firms with complementary products between October 2010 and January 2011. The company has a history of strong revenue growth and losses.
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