Shares of SunEdison Semiconductor Pte Ltd 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 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.
SunEdison Inc, formerly MEMC Electronic Materials, Inc is engaged in the development, manufacture and sale of silicon wafers. Shares of SUNE traded higher by 1.91% or $0.355/share to $18.90. In the past year, the shares have traded as low as $6.20 and as high as $21.93. On average, 13447400 shares of SUNE exchange hands on a given day and today's volume is recorded at 2302485.
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