Arteris pops more than 20% following IPO that valued chip-technology firm at some $520M

[Daniel Nenni]

• 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.
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• 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.
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• 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.
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• 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.
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• 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.
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• The company’s roster of A-list clients includes Bosch, Texas Instruments and the MobilEye division of Intel (NASDAQ:INTC).

• Read: Arteris IP prices $70M IPO