Numerical Tech Shares Double After IPO
Though several deals have been postponed amid this week’s Nasdaq swings, Friday seemed like old times for the IPO market as shares of Numerical Technologies Inc., whose software helps draw computer-chip patterns, more than doubled in their first day of trading.
San Jose-based Numerical (ticker symbol: NMTC) surged $21.56, or 154%, to $35.56 on Nasdaq.
As chip makers such as Motorola Inc. (MOT) and Taiwan Semiconductor Manufacturing Co. (TSM) boost production to meet an expected 20% rise in demand this year, they’re buying more software that programs tools to print straighter lines in circuit patterns.
Nervousness unsettled other deals Friday, as three biotech companies delayed their offerings for the second time because of lingering concern about volatility in the biotech sector.
Rigel Pharmaceuticals Inc. (RIGL) of South San Francisco, Adolor Corp. (ADLR) of Malvern, Pa., and DrugAbuse Sciences Inc. (DASI) of Menlo Park, Calif., were postponed last week and again Friday, said Warburg Dillon Read, underwriter for the companies.
“We’re hoping the three will come next week,” a Warburg spokesman said.
Two biotechs managed to complete their offerings in the last two days after a brief rally interrupted a dramatic slide in the sector, but both deals elicited yawns.
Sangamo BioSciences Inc. (SGMO) of Point Richmond, Calif., whose technology focuses on proteins that turn genes on and off, rose 6 cents Thursday from its initial public offering price of $15 earlier in the day. On Friday it eased back to $15.
Tanox Inc. (TNOX), a Houston company that develops monoclonal antibodies to treat infectious diseases and cancer, went public Friday, closing at $28.50, up 50 cents.
Next week’s calendar may test the market as up to two dozen deals come out, including Sina.com (SIN) of Hong Kong, which operates China’s leading Internet portal, and Nuance Communications (NUAN) of Menlo Park, Calif., which develops voice interface software linking phone networks and the Internet.
