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Santa Clara Chip Designer Inphi Rises In IPO

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(CBS)

(CBS)

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SANTA CLARA (AP) – Chip designer Inphi Corp. began trading 6.8 million shares Thursday in an initial public offering priced at $12 apiece, the top of its expected range.

The Santa Clara company’s stock rose $3.49, or 29 percent, to $15.49 in its debut.

Inphi, whose technology is designed to ease bottlenecks on communications and computer networks, raised $81.6 million in the offering and will use the proceeds to fund capital spending, as well as for general corporate purposes.

The stock trades on the New York Stock Exchange under the ticker symbol “IPHI.”

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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