Spansion IPO Starts at $12 a Share
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Spansion, the flash memory joint venture between Advanced Micro Devices and Fujitsu, priced its initial public offering below the expected range at $12. Currently the stock (SPSN)is trading at $13.36 on the market.
Underwriters led by Citigroup and CSFB priced 42.2 million shares at $12 apiece, raising a little more than $500 million for the Sunnyvale, Calif., company. That was below the range of $13 to $14 a share predicted in an SEC filing Thursday morning and well below the $16 to $18 Spansion hoped to fetch earlier in the month. Spansion’s Class A shares will start trading Friday under the symbol SPSN. The company granted its underwriters an overallotment option 5.1 million shares.
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