Shares of Peregrine Semiconductor Corp. (Nasdaq: PSMI) jumped 7 percent to $15 a share as they started trading the first time as a public company. Peregrine becomes the third technology initial public offering in a month to rise at the opening of trade, jn contrast to the May 18 IPO of Facebook (Nasdaq: FB), the No. 1 social networking site.
Peregrine shares were priced Tuesday at $14 a share by lead underwriters Deutsche Bank Securities (NYSE: DB) and JPMorgan Chase (NYSE: JPM) as the company raised $77 million in its IPO.
San Diego-based Peregrine, founded in 1990, first tried to go public in November 2010. A specialist in UltraCMOS chips especially suitable for high-performance electronics including satellites, military instruments and mobile phones, the company competes against Analog Devices Inc. (Nasdaq: ADI) and Texas Instruments (Nasdaq: TXN).