Friday, August 7, 2009, 5:58am PDT
HP, Agilent spinoff Avago's IPO does wellSilicon Valley / San Jose Business Journal
Avago Technologies Ltd.'s shares rose 7.9 percent in their first day of trading on Thursday
Avago, based in Singapore and San Jose, sold 43.2 million shares, 7 million more than was expected from the iniital public offering. Priced at $15 a share, they rose as high as $16.91 before closing at $16.18.
The chip company (NASDAQ:AVGO) began as part of Hewlett-Packard Co. (NYSE:HPQ) about 40 years ago and was spun out as part of Agilent Technologies's record-breaking $2.1 billion IPO in 1999.
Santa Clara-based Agilent (NYSE:A) sold the chip business that became Avago in 2005 for $2.7 billion to Kohlberg Kravis Roberts & Co. and Silver Lake Partners. The IPO price of the company put its market value at about $3.5 billion.
As of May 3, Avago had about 3,400 employees worldwide, with about 57 percent located in Asia, 33 percent in the United States and 10 percent in Europe.
HP, Agilent spinoff Avago's IPO does wellSilicon Valley / San Jose Business Journal
Avago Technologies Ltd.'s shares rose 7.9 percent in their first day of trading on Thursday
Avago, based in Singapore and San Jose, sold 43.2 million shares, 7 million more than was expected from the iniital public offering. Priced at $15 a share, they rose as high as $16.91 before closing at $16.18.
The chip company (NASDAQ:AVGO) began as part of Hewlett-Packard Co. (NYSE:HPQ) about 40 years ago and was spun out as part of Agilent Technologies's record-breaking $2.1 billion IPO in 1999.
Santa Clara-based Agilent (NYSE:A) sold the chip business that became Avago in 2005 for $2.7 billion to Kohlberg Kravis Roberts & Co. and Silver Lake Partners. The IPO price of the company put its market value at about $3.5 billion.
As of May 3, Avago had about 3,400 employees worldwide, with about 57 percent located in Asia, 33 percent in the United States and 10 percent in Europe.
