August 6, 2009 / 4:15 PM / 10 years ago

Avago shares jump in debut

Traders work on the floor of the New York Stock Exchange, August 3, 2009. REUTERS/Brendan McDermid

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

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