Freescale Fires Up IPO; Shares Rise
AUSTIN, Tex. (
) - Shares of
Freescale
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were up more than 4% shortly after the semiconductor specialist began its
on Thursday, the latest in a string of tech companies to take the public plunge.
Freescale priced its offering at $18 a share late on Wednesday, for an IPO value of $783 million, although this was well below the
projected range
of $22 to $24 a share.
Freescale became the latest tech company to take the public plunge on Thursday. |
The company's shares nonetheless rose 80 cents, or 4.44%, to $18.80 by midmorning on Thursday as investors responded positively to the IPO.
Freescale's IPO comes hot on the heels of the headline-grabbing offering from
(LNKD)
, which enjoyed a
earlier this month. This week, Russian Internet search specialist
Yandex
(YNDX) - Get Free Report
saw its stock
after launching its own offering.
Rumors of a second dot-com bubble, however, are wide of the mark, according to Scott Sweet, senior managing partner of IPO grading service
IPO Boutique
. "Any talk of a repeat of a 2000 is quite premature, as evidenced by this week's IPO performances," he told
TheStreet
. In addition to Freescale,
Active Network
(ACTV)
also priced low, according to Sweet.
"If it was so easy, and you could bring a desk and chair public like in 2000, we would be looking at Freescale at $45 right now," explained the IPO expert. "So far
this week only Yandex has priced in range."
--Written by James Rogers in New York.
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