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The Associated Press March 28, 2012, 1:37PM ET

Vocera up nearly 40 pct. from initial IPO price

Shares of Vocera Communications Inc. climbed nearly 40 percent on Wednesday from their initial public offering price.

The hospital mobile communications company's stock was trading at $22.14 by mid-afternoon, 38 percent higher than the $16 price tag the company assigned the approximately 5.9 million shares on Tuesday evening.

Vocera earlier told the Securities & Exchange Commission it expected to price its initial public offering between $12 and $14 per share.

Vocera, based in San Jose, Calif., said it offered 5 million shares and its stockholders were selling 850,000 shares. The selling stockholders originally planned to sell 750,000 shares, according to the SEC filing.

The stockholders gave the underwriters a 30-day option to buy up to 877,500 more shares to cover excess demand. Vocera will not receive any proceeds from the sale of the stockholders' shares.

The company said in the filing that it plans to use its net proceeds from the offering for general purposes, including debt repayment and working capital. It also may use some of the funds to invest in other businesses, technologies or other assets.

Vocera lost $2.5 million in 2011 and earned $1.2 million for 2010. Its revenue climbed 40 percent to $79.5 million in 2011 from $56.8 million in 2010.

Vocera is trading under the "VCRA" ticker symbol on the New York Stock Exchange. The company's IPO was one of three Wednesday.

Compared with an opening price of $24, Vocera's shares fell 8 percent as the broader markets slipped slightly.

Shares of organic pasta maker Annie's Inc., which priced at $19 Tuesday evening, soared 83 percent to $34.69 by early Wednesday afternoon, an increase of $15.69.

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