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Technology Stocks : VLSI Technology - Waiting for good news from NASDAQ !!! -- Ignore unavailable to you. Want to Upgrade?

To: Joe C. who wrote (3314)	4/17/1998 3:54:00 PM
From: emichael	Read Replies (1) \| Respond to of 6565

Vlsi to profit from ARM News Alert from Reuters via Quote.com Topic: (NASDAQ:AAPL) Apple Computer Inc, (NASDAQ:VLSI) VLSI Technology, Quote.com News Item #6154803 Headline: FOCUS-Arm (ISEL:ARM)(NASDAQ:ARMYV) soars in market debut ====================================================================== (Updates with analyst, trader comment, U.S. and London share price) By Kirstin Ridley LONDON, April 17 (Reuters) - Britain's Arm Holdings, which designs and licenses microprocessors, made a sparkling market debut on Friday that valued the group at 377.2 million pounds ($638 million) -- 113 million pounds over the offer price. The Cambridge-based intellectual property group, which listed 25.5 percent of its stock in London and New York at 1330 GMT, saw its shares surge to touch 10.00 pounds from an offer price of 5.75 pounds before closing at 8.20 pounds. In New York, investors who bought ARM's American Depository Shares (ADSs) for $29.17 saw the stock jump to $41.25. Analysts said the offer had been oversubscribed by around 30 percent as mainly British and U.S. investors scrambled for a stock one trader dubbed "the highest of the high tech stocks in Britain." "It's a very successful, exciting company and there aren't really comparable companies in the UK technology sector," said one analyst, who declined to be named. "It attracts investors because it has a very good track record, is very profitable and has a very good list of partners." ARM, which posted pre-tax profits of five million pounds on sales of 26.6 million last year, is a 38 percent associate of Britain's high tech consultancy, software and workstations group Acorn Group Plc (ISEL:ACN). Priced at 575p per share, the offer had been due to raise 67.4 million pounds and value ARM at 264 million. Strong investor demand had already prompted Acorn's advisers to fix the offer price at the upper limit of the indicative price range, which had itself been increased twice during the book building process. "It is extraordinarily difficult to price high tech stocks," said one trader. "This is a relatively small issue with an extraordinarily fast-growing company in a fast-growing industry." Acorn, which said it would use the flotation proceeds to pay off debt and support the development of core businesses, is keeping around 12 million shares in ARM, representing some 25 percent of its issued share capital. Other ARM shareholders are Apple Computer Inc (NASDAQ:AAPL), VLSI Technology Inc (NASDAQ:VLSI) and Nippon Investment and Finance. uk.equities.news@reuters.com)) ($ = 0.591 British Pounds) Copyright 1998, Reuters News Service