Shares in Pivotal Systems Corporation, a Silicon Valley-based technology company, surged on debut on the ASX today.
At the close, the CDIs were at $2.59, up almost 40% from $1.86 each.
The company listed today following a heavily oversubscribed $53.5 million initial public offering. Moelis Australia, and Shaw and Partners were joint lead managers.
Many of the world’s semiconductor production facilities rely on Pivotal’s gas flow control solutions. The company has its own production capabilities in the US and contracted facilities in China and Korea, and sales offices throughout the Asia Pacific region and Japan.
“We have seen a fantastic level of investor support, which reflects our plans to expand our capabilities and provide increasingly valuable technology to our global customers,” says Pivotal Systems CEO John Hoffman.
“By utilising cutting-edge proprietary hardware and the most advanced software in our industry, we provide real value when it comes to overcoming many of the flow control challenges advanced semiconductor manufacturers face.”