iRobot, a developer of robots for military applications and the mainstream robotic consumer vacuum known as the "Roomba", priced its 4.3 million share offering at $24 a share, above its proposed $21-$23 range. Founded in 1990 by three roboticists from MIT, iRobot has seen sales ramp from less than $15 million 2002 to $54 million in 2003 and $95 million in 2004 largely as a result of growing consumer sales of tis popular Roomba vacuum. For the first nine months of 2005, revenue increased 66% to $95.5 million driven by strong consumer sales and a substantial increase in shipments of its military robots to the US Navy. Morgan Stanley and JPMorgan acted as joint bookrunning managers on the deal. The stock is expected to open for trading on Wednesday under the symbol "IRBT" on the Nasdaq.
