The IPO market saw another winner Tuesday, as SpeechWorks International, Inc. (Nasdaq: SPWX) more than doubled in its first day of trading. The Boston, Massachusetts-based maker of speech-recognition software closed at 57 after offering 4.75 million common shares at $20 apiece.
SpeechWorks says its products let callers conduct business electronically using a standard telephone. Customers include America Online, BellSouth, Amtrak and E*Trade Group.
The company, which lost $15.4 million on $14 million in revenue in 1999, plans to use the offering’s proceeds for general corporate purposes, including possible acquisitions.