(By Balachander) Ambarella Inc. (NASDAQ:AMBA) shares rose on their public debut through sale of roughly 6 million shares at $6 each, yet below the midpoint of its expected range.
The designer of processors for capturing high definition video raised $36 million from the offering.
The company had estimated to price its offering between $9 and $11.
Ambarella sold about 4.90 million shares and the selling shareholders offered 1.09 million shares.
The company's system-on-a-chip, or SoC, allows video processing, image processing, audio processing and system functions onto a single chip.
Ambarella, which was founded in 2004, said it has shipped 27 million SoCs since its inception.
For the six months that ended July 31, the company earned $7.8 million on sales of $53.9 million.
Morgan Stanley (MS) and Deutsche Bank (DB) acted as lead managers on the offering.
Shares jumped as much as 12 percent to $6.70 in early trade on Wednesday.