- 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).