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Austin, Texas-based chipmaker Freescale Semiconductor Inc. went public on Wednesday but fell short of company expectations, pricing stock 22% less than projected at $18 a share.
According to an initial public offering filing (IPO), Freescale wanted to raise more than $1 billion, which is around $22 to $24 a share but instead will settle on making approximately $782 million after the sale of 43.5 million shares, excluding an underwriters’ option to purchase as many as 6.5 million shares.
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