Qimonda, the new computer memory chip company spun off from Germany?s Infineon Technologies in May, has raised just US$546 million (HK$4.26 billion) ? about half the size of its targeted sale - from its initial public offering in the United States.
Munich-based Qimonda?s IPO price was US$13 per American Depositary Share (ADS), each representing one ordinary company share.
About 42 million ADSs were placed in the market. Infineon provided an over-allotment option of 6.3 million ADSs, or 15 per cent of the ADSs offered.
Qimonda starts trading on the New York Stock Exchange under the symbol ?QI? from Wednesday.
?We received strong participation from many of the most prominent institutional investors in the US, largely in response to their enthusiasm for Qimonda?s new business strategy,? said Kin Wah Loh, president and chief executive of Qimonda. ?However, we also encountered a challenging market environment which has seen almost half of all planned IPOs since July 1 withdrawn from the marketplace.?
Last month, Qimonda expected to offer 63 million ADSs for sale at a price range of US$16 to US$18 each. That would have represented an offer size of up to US$1.1 billion.