Sonic Innovations
This article was originally published in The Gray Sheet
Executive Summary
Hearing aid maker's initial public offering proceeds reach $53.9 mil. following the exercise of a 540,000-share overallotment option by underwriters Goldman Sachs, Deutsche Banc Alex. Brown and U.S. Bancorp Piper Jaffray. Completed May 9, the Salt Lake City firm's IPO included a total of 4.1 mil. shares at $14 each, including the overallotment shares (1"The Gray Sheet" May 8, p. 10)
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Sonic Innovations, Inc.
Hearing aid maker goes public May 1 via initial offering of 3.6 mil. shares of common stock at $14 per share to raise $50 mil. Larger than an initially anticipated offering of up to $46 mil., the offering will help fund commercialization of the firm's Conforma digital hearing aid (1"The Gray Sheet" March 20, p. 17). The device debuted March 16. The Salt Lake City-based company also will use a portion of the proceeds for further R&D and debt repayment. Sonic Innovation shares will trade on the Nasdaq exchange under the symbol "SNCI." Underwriters Goldman Sachs, Deutsche Banc Alex. Brown and U.S. Bancorp Piper Jaffray have a 30-day overallotment option to purchase up to an additional 540,000 shares
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