Updated from 2:15 p.m. EDT
Four technology companies, including a Turkish mobile telephone provider, made their stock trading debuts on Tuesday, in what appeared to be a cautious revival of the market for public offerings after a second quarter marked by a muted investor appetite for new issues.
led the way. Priced at $22 Monday at the top of its range of $20 to $22, Axcelis finished Tuesday regular trading up 1 15/16, or 9%, at 23 15/16.
However, its first day of trading was nothing like those experienced by the two lone stars of the last quarter,
Marvell Technology Group
, which stunned the market by nearly quadrupling almost two weeks ago, and
, which more than tripled.
A spinoff of industrial mainstay
, Axcelis, based in Beverly, Mass., is the market leader in its field: the making of ion implantation equipment used to insert electrically charged particles into silicon wafers in order to form the active components of a semiconductor. Its competitors include
Varian Semiconductor Equipment
( VSEA), which have both recorded triple-digit gains in the past year.
Unlike many new listings, Axcelis has actual profits -- $18.9 million in the last quarter.
George Nichols, a stock analyst at
, said that the buzz surrounding Axcelis' $341 million offering was warranted because it operates in a hot market and is highly profitable.
( MOT) and
account for almost 40% of the company's sales.
Morgan Stanley Dean Witter
Salomon Smith Barney
underwrote the issue.
Shares of the three other technology companies that began trading Tuesday encountered varying results.
, a $143 million company, closed up 3/16, or 2%, at 11 3/16. The issue was priced at $11, within the range of $11 to $13 that had been lowered twice already, from $15 to $17 and then from $13 to $15. Based in Chaska, Minn., the company makes materials for semiconductors and disk drives.
Shares of the $1.7 billion
finished flat at 17 5/8. Turkcell, an Istanbul-based mobile phone operator, is the first Turkish company to list on the
New York Stock Exchange
and was priced in the middle of its range of $16.49 to $20.07.
Priced at $12, in the middle of its range of $11 to $14, Hong Kong-based
(ASTT:Nasdaq), a $240 million issue, closed down 1, or 8%, at 11.