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Monolithic IPO up 12%
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June 28, 2001: 4:34 p.m. ET
IPO from chip memory developer gains $1.22 to $11.22 on Nasdaq
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NEW YORK (CNNfn) - Monolithic System Technology Inc., a developer of chip memory technology, climbed 12 percent in its market debut Thursday.
Shares for the Monolithic IPO gained $1.22 to close at $11.22 on the Nasdaq.
Monolithic's positive gains follow the strong showing from Multilink Technologies Corp. (MLTC: up $1.33 to $12.10, Research, Estimates), which climbed 24 percent last week.
Sunnyvale, Calif.-based Monolithic raised $50 million late Wednesday, selling 5 million shares at $10 each, within its $9-to-$11 range, via A.G. Edwards & Sons Inc. and Needham & Co. Inc.
Monolithic has transformed itself. Until 1998, the company sold memory chips for the personal computer market. It then began developing patented memory technology that it calls 1T-SRAM, which combines high density and high speed with low power consumption and low cost. Monolithic now licenses its technology to customers such as Cisco Systems Inc. and Celestica Inc.
Monolithic (MOSY: up $1.22 to $11.22, Research, Estimates) earned $707,000 on $4.6 million revenue for the quarter ended March 31. 
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