MOUNTAIN VIEW, Calif. -- Investors backed stock of Synopsys Inc. enthusiastically on Wednesday after the computer software designer completed its initial public offering.
Synopsys closed Wednesday at $31.50 on its first day of trading, which was nearly double the $18-a-share initial price for the 2-million- share offering.
Six-year-old Synopsys, a maker of automation software for use in developing integrated circuits, had completed its offering on Tuesday. A total of 1.55 million shares were offered by the company and 450,000 shares were offered by selling stockholders.
Synopsys, headquartered in Mountain View, Calif., was founded by a team of General Electric researchers and initially had six employees. It currently employs 275 workers and had revenues of $40.5 million in its fiscal year ended Sept. 30.
Its key customers are involved in telecommunications, semiconductor production and military-aerospace work.
