Hearing aid maker Sonic Innovations Inc. (SNCI) helped the new-offerings market come roaring back Tuesday.
The Salt Lake City-based company's shares rose 51% in first-day trading as investors showed they will still significantly bid up initial public offerings, or IPOs, even after recent steep declines in many computer and Web stocks.
Sonic's shares climbed $7.13 to $21.13, a day after the company sold 3.6 million shares at $14 each, raising $50.4 million.
South San Francisco, Calif.-based ViroLogic Inc. (VLGC), which sells a test to measure the resistance of HIV to drug treatments, rose 4.5%--although the company sold its shares for half of the initial expected price. The stock rose 31 cents to $7.31, a day after it sold 5 million shares at $7 each.