NEW YORK — Dolby Laboratories, whose high-end digital sound systems are fixtures in theaters and home entertainment, saw its stock surge 35% on its first day of trading in a hotly anticipated IPO that netted the storied San Francisco company about $530 million.
Septuagenarian founder and physics doctorate Ray Dolby’s 70% is now worth a cool $1.5 billion.
The shares were priced at $18, jumped to $23 at the open, then ended the day at $24.30 — up 35% in an otherwise down market.
Perf makes Dolby the best-performing IPO so far this year.
About 21 million shares changed hands, making it the fourth-most-traded stock on the New York Stock Exchange on Thursday.
Dolby was founded 39 years ago by the Cambridge-trained scientist, initially developing pioneering noise-reduction systems for the music industry to eliminate the background hiss on recordings.