It has been a very slow year for tech IPOs, but Seattle-based Impinj decided to brave the public markets and list on the Nasdaq today. The company priced at the top of the range at $14 and then saw its shares rise about 28% on its first day of trading.
A leader in developing radio frequency technology, or RFID chips, Impinj has found unique partnerships with Coca-Cola, Macy’s, McDonald’s and other corporations who embed these tiny sand-size chips in anything from receipts to product packaging.
While the company has had a low profile in the media, it has a significant customer base and a lengthy list of both private equity and venture investors. Intel Capital and Samsung Ventures are amongst the investors who poured capital into the business over the past 16 years.
“Our vision is to connect and give digital life to every item in your everyday world,” CEO Chris Diorio told TechCrunch.
The company is often profitable, but this past quarter, it saw its expenses rise, resulting in a net loss of $821,000. Revenue for the quarter was $21.5 million, an increase over last year’s $16 million in the same period.
Competitors include Zebra Technologies Corporation and Alien Technology Corporation.
Impinj listed on the Nasdaq under the ticker “PI.” A smaller IPO, Impinj raised about $67 million in its offering.