NEW YORK (Reuters) - Avago Technologies Ltd (AVGO.O) shares immediately jumped 10.1 percent in their trading debut on Thursday, following the chipmaker’s initial public offering.
Avago shares started trading for $16.51 on Nasdaq, before rising as far as $16.75 and then giving back some of those initial gains. In morning trading, Avago shares were changing hands for $16.04, up 6.9 percent over the $15.00 IPO price set late Wednesday.
Avago, a Singapore-based designer of analog semiconductor devices, sold 43.2 million shares and raised $648 million in the second largest IPO in the United States so far in 2009.
Avago is partly owned by private equity firms Silver Lake Management Co and Kohlberg Kravis & Roberts & Co.
Reporting by Phil Wahba, editing by Gerald E. McCormick