Shares of Alpha and Omega Semiconductor Ltd. are falling in their market debut after the chip maker raised $91.5 million in its initial public offering.
The Sunnyvale, Calif., company priced 5.1 million shares at $18 Wednesday night, within the expected range of $17 to $19.
Alpha and Omega Semiconductor makes chips that help improve power efficiency for notebooks, smartphones, flat panel TVs and other consumer electronics.
The shares, trading on the Nasdaq Global Market under the symbol "AOSL," are down 55 cents, or 3 percent, to $17.56 in morning trading, even as broader markets gain. The Nasdaq is up 0.8 percent.
Disappointing performances from IPOs last week are weighing on the market.
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