Freescale Semiconductor Opens Up 5.6% Post-IPO |
| Wall Street Journal - May 26, 2011 |
Freescale Semiconductor Holdings I Ltd. (FSL) made modest early trading gains after cutting the price of its initial public offering.
The company's stock opened at $19 a share on the New York Stock Exchange, up 5.6% from its initial public offering price of $18; it was recently changing hands at $18.96, up 5.3%. It sold 43.5 million shares at a price below its expected $22 to $24 range.
Based in Austin, Texas, Freescale specializes in embedded processing systems--a combination of an embedded processor, semiconductor devices and software that are used to improve the function of electronic systems. They are used in a variety of applications, including autos, wireless infrastructure and consumer electronics like smart phones.
About 80% of its net sales in 2010 were derived from products where the company held the first or second market positions, and it controls more than 30% of the embedded processor market, it said in its prospectus.
It holds more than 6,100 patent families and counts among its top 10 customers Alcatel-Lucent (ALU), Cisco Systems Inc. (CSCO) and TRW Automotive Holdings Corp. (TRW).
Read Full Article from Wall Street Journal
- Posted: 2011-05-26 10:05:26
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