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Investing.com -- Shares of chip designer Ambiq Micro jumped more than 60% on Wednesday during their first day of trading on the New York Stock Exchange after the company raised $96 million in its initial public offering.
The Austin, Texas-based firm, which focuses on energy-efficient computing chips, opened at $24 per share and climbed as much as 101.8% during the session before closing at $38.53. This closing price values the company at $656.5 million.
Ambiq Micro filed for its IPO earlier in July with BofA Securities and UBS serving as lead underwriters for the offering.
The company specializes in small computing chips that use minimal energy, primarily targeting the wearable device market including smart watches. Its customer base is concentrated, with sales to Alphabet’s (NASDAQ:GOOGL) Google, Garmin (NYSE:GRMN) and Huawei Technologies accounting for more than 85% of its revenue in the most recent fiscal year.
Scott Hanson, Ambiq’s founder and Chief Technology Officer, said the company’s newest chip family aims to power devices like smart glasses that run speech and image recognition algorithms on devices with very small batteries.
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