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SigmaTel Finds Buyers on First Day of Trading

The stock climbs 22% after the company prices its IPO at $15.
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Updated from 2:05 p.m. EDT

Shares of

SigmaTel

(SGTL)

were having a strong showing on the company's first day of trading in the public markets.

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The company priced an initial public offering of 10 million common shares at $15 each. SigmaTel offered 7 million shares, and stockholders sold 3 million shares.

SigmaTel closed at $19.80, a gain of $4.80, or 32%, on the

Nasdaq

.

The underwriters have been granted the right to purchase up to an additional 1.5 million shares to cover any overallotments. Merrill Lynch, J.P. Morgan, CIBC World Markets and Needham underwrote the IPO.

SigmaTel develops semiconductors. The company is based in Austin, Texas.