Private equity-backed semiconductor maker Montage Technology Group surged nearly 30 per cent on its first day of trading on the Nasdaq exchange.
The Chinese company, which is backed by AsiaVest Partners and Intel Capital, was floated at a price of $10 per share for proceeds of $71m. Montage initially planned to raise as much as $115m via an IPO.
The IPO saw Intel reduce its stake to seven per cent from ten per cent, while AsiaVest reduced its interest to 11.5 per cent from 19.2 per cent.
Montage posted a net income of $18.3m on revenues of $78.2m last year.
One of the company’s backers, Intel Capital, has recently promoted three investment managers to managing director as it added four new technology investment sectors.
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