Shares of SunEdison Semiconductor rise 17 percent in debut

Thu May 22, 2014 11:21am EDT

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(Reuters) - Shares of SunEdison Semiconductor Pte Ltd (SEMI.O) rose as much as 17 percent in their debut, valuing the manufacturer of silicon wafers at about $615.5 million.

The IPO raised about $93.6 million after 7.2 million ordinary shares were priced at $13 each, the low-end of the expected price range.

Solar company SunEdison Inc (SUNE.N) decided to spin off its semiconductor business last year to focus on the high-margin solar power business amid persistent low demand for its semiconductors.

Shares of SunEdison Semiconductor opened at $15 and touched a high of $15.25.

Deutsche Bank Securities and Goldman Sachs & Co are the lead book-running managers for the offering.

(Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)

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