TUALATIN, Ore. -- Pixelworks Inc. here raised $57.5 million in its initial public offering on the Nasdaq stock market today.
The maker of highly integrated chips and software for visual display of broadband content offered the shares at $10, which was less than an earlier indicated range of $12 to $14, according to financial reports.
All of the shares were sold by Pixelworks. In addition, the company has granted the underwriters an option to purchase up to an additional 862,500 shares of common stock to cover over-allotments, if any. The IPO is being co-managed by Salomon Smith Barney and Deutsche Banc Alex. Brown. The other managing underwriters were SG Cowen and E*Offering.
Pixelworks' shares, under the Nasdaq symbol "PXLW," traded for roughly $12 at mid-day.
Another semiconductor IPO that fared much worse this week was Nogatech Inc., a supplier of video-compression chips, that opened Thursday on the Nasdaq at $12 per share but sank 22% to roughly $9 by the end of the day.
Nogatech, which has headquarters in both Santa Clara, Calif. and Kfar Saba, Israel, sold 3.5 million shares through WR Hambrecht + Co's OpenIPO auction, also called a "Dutch auction." The company raised $42 million for the 24% stake.
Nogatech's shares, trading under the "NGTC" symbol, fell a further 20% today, to about $7.