As expected, the initial public offering of Audible, Inc. (Nasdaq: ADBL), which offers premium spoken audio content online, was a big hit on Friday. What was somewhat surprising, however, was how strong the stock performed after it opened. Audible priced its IPO at $9, the middle of its range, and the stock opened at 15-1/4.
Anybody who bought in at that level had an extremely good day. Shares of Audible climbed as high as 25, before closing at 21, a gain of 133.33 percent. The volume of more than 11.4 million shares changing hands was nearly three times the number of shares offered (four million).
Audio on the Web is starting to look rather hot. This is just the latest indication that the upcoming IPO of MP3.com could be the biggest IPO of the year.