Shares of semiconductor maker

Transmeta

(TMTA)

opened at $44, a day after the company's initial public offering of 13 million shares was priced at $21 each.

Transmeta, based in Santa Clara, Calif., designs chips for laptops and other mobile devices such as e-books, handheld computers and cell phones.

The company's flagship product is the Crusoe processor, which uses a software-based technology that consumes less power and promises to prolong the battery life of a device.