Motion processing semiconductor firm InvenSense Inc. (INVN) made modest gains in early trading during its first day of trading as a public company Wednesday.
The company’s shares opened at $8.30 a share on the New York Stock Exchange, up 10.7% from its initial public offering price of $7.50. It sold 10 million shares at the lower end of its expected $7 to $8.50 range.
Based in Sunnyvale, Calif., InvenSense makes motion sensing and processing chips for use in consumer electronic devices such as Nintendo Co.’s (7974.OK, NTDOY) Wii, portable video games, smartphones and computer tablets.
The company’s products combine motion sensors such as accelerometers and gyroscopes with mixed-signal integrated circuits to detect complex motion across multiple axes.
One risk facing InvenSense is its dependence on Nintendo for about 73% of its net revenue in fiscal 2011, which ended in March, and on the Wii, which is declining in sales.