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News > Deals
O2Micro soars 131%
August 23, 2000: 12:15 p.m. ET

Maker of chips for mobile computers surprises as price doubles
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NEW YORK (CNNfn) - O2Micro Inc., the only initial public offering to debut Wednesday, surged 131 percent in trading.

O2Micro, a maker of accessory chips for mobile computers, more than doubled its offer price, gaining 11-3/4 to 20-3/4, after selling 4 million shares at $9 each, the top of its $7-to-$9 range, via underwriters led by Robertson Stephens.

graphicAs only the second IPO to debut this week, analysts had expected the sale to produce a marginal premium of 10 to 20 percent, and were surprised by O2Micro's performance. On Tuesday, biotech Ista Pharmaceuticals (ISTA: Research, Estimates) inched up only 2 percent in its first day.

"It's very interesting to see a deal double in a really slow week like this," Corey Ostman, co-chief executive of Alert-IPO.com, said. "Because they produce components for high-growth segments of the market, this may have excited investors."

O2Micro also is based overseas and has access to cheaper labor than in the United States, which may have caused some investors to take notice, Ostman said.

Cayman Islands-based O2Micro Inc. (OIIM: Research, Estimates) makes peripheral components for portable computers such as Notebooks, Internet appliances, LCD monitors and wireless communications. It has a licensing agreement with Dell Computer allowing Dell's battery charger to be used in cellular phone applications. Back to top

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