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Chip-technology firm Arteris IP (AIP) popped some 20% Wednesday in its first trading session following an IPO that priced at the bottom of its expected range, valuing the company at some $520M.
AIP rose to as high as $17.06 shortly after opening, up 21.9% from the $14 a share that its initial public offering priced at. The IPO had initially gotten a lackluster reception, pricing at the bottom of an expected $14-$16/share range.
Shares later pulled back some, but were still changing hands at $16.16 shortly before 11:30 a.m. ET, ahead 15.4% for the session.
AIP sold 5M shares through its IPO, while also granting underwriters the option to buy as many as 750,000 more for overallotments. All in, the company raised some $70M from the offering, which will rise to $80.5M if underwriters fully exercise their overallotment options.
Arteris provides chip makers with intellectual property used to create so-called “System-on-Chip” semiconductor designs (or “SoC”) for use in such applications as automobiles, AI and the Internet of Things.
The company’s roster of A-list clients includes Bosch, Texas Instruments and the MobilEye division of Intel (NASDAQ:INTC).