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Rambus Shares Double in First-Day Trading

May 15, 1997|(Bloomberg News)

Rambus Inc. shares rose 152% in the firm's $33-million initial public offering, amid strong demand for the company's technology that speeds communication among computer chips. Shares of the Mountain View-based company rose $18.25 to close at $30.25 on Nasdaq, making it the biggest percentage gainer in U.S. markets. Rambus sold 2.75 million shares at $12 each. Earlier, Rambus boosted the price at which it expected to sell shares to $10 to $12, from $8 to $10, a share. Rambus is the first IPO in several months that doubled on opening day. The stock was expected to rise because of the company's earnings and its contract to supply its designs to leading chip maker Intel Corp.

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