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IPO today, 8-4-99, in a 20 million share offering priced at $18/share. It opened at 18 5/8 and closed at 18 3/4 (day range of 18 1/2 and 19 3/16). It was the 5th most heavily traded stock o the NYSE on volume of 9.7 million shares. The company was launched in 1957 and according to cbsmarketwatch.com was an early "player in the formation of Silicon Valley" before it was bought by National Semiconductor (NSM) which spun it off in 1997. The company plans to use the proceeds of this IPO to pay down debt from acquisitions from Samsung and others. NSM still owns a 16.7% stake and is a big customer according to CEO Kirk Pond, formerly CEO of NSM. South Portland, Maine-based Fairchild makes analog, discrete, logic and nonvolatile memory chips for several industries. Pond is quoted on marketwatch.com today saying that "the chip business is approaching a cycle of strong growth and that demand is especially strong in the telecommunications business." The lead underwriters: Credit Suisse First Boston, and Salomon Smith Barney. | ||||||||||||||
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