CallWave IPO Debuts On Market

Santa Barbara-based CallWave's initial public offering started trading Thursday on the NASDAQ under the symbol CALL, as the company sold 4 million shares at $10 per share. The offering netted the firm $40M and started trading at the middle of its estimated $9 to $11 range. Callwave offers software and services that bridge calls to PCs, as well as FAX and voicemail. Callwave is backed by Insight Ventures and New Millenium Partners, and the offering was underwritten by Deutsche Bank, Piper Jaffray, First Albany, and W.R. Hambrecht. The company's stock closed yesterday at $9.55 on a weak market.