Simulation Sciences Stock Rises 19% in Nasdaq Debut
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BREA — Simulation Sciences Inc. stock surged 19% Friday in its debut on the Nasdaq market.
The stock of the simulation software developer closed at $10.75, up $1.75. The company had sold 3.55 million shares for $9 apiece, raising $32 million in its initial public offering. The company had expected to offer the stock at $8 to $10 a share.
Simulation Sciences, which was established 29 years ago, designs commercial simulation software for the petroleum, petrochemical and industrial chemicals industries, as well as for engineering and construction firms that support those industries.
The company, which earned $810,000 in the fiscal year ended June 30 on revenue of $15.2 million, plans to use the proceeds for working capital, possible acquisitions and for general purposes, including investments in product development.
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