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iPod Chipmaker PortalPlayer Raises $106 Million in IPO; Shares Climb 52%

Authored by Mark Hefflinger on November 19, 2004 - 4:51am.
Santa Clara, Calif. -- PortalPlayer, a maker of chips used in Apple's iPod, saw its shares climb 51.8% to $25.80 as it raised over $106 million in its initial public offering on Friday. The Santa Clara, Calif.-based company originally filed to sell its shares for between $11 and $13, but raised its expectations to $14 to $16 per share on Wednesday. The majority of PortalPlayer's revenue is tied to the success of Apple's iPod, for which it is the sole provider of MP3 decoder chips. The company plans to use proceeds from the offering to repay debt and for general purposes, including working capital.
http://www.portalplayer.com/news-and-events/IPO_111904.htm
http://makeashorterlink.com/?Y318253D9  

tags: VC | IPO | iPod | PortalPlayer | Shares |



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