Aquantia closes at 54 after first day of trading, 6% above IPO price
Aquantia closes at .54 after first day of trading, 6% above IPO price.
Networking chip design company Aquantia went public on Friday and raised million in its initial public offering.
The stock is trading up for the San Jose, California-based maker of network interface cards (NICs) that can transfer data on home and enterprise networks at multiple gigabits per second. The company looks to remove bottlenecks for hyperscale data centers that help companies deal with the tsunami of data generated by computers, smartphones, and the Internet of Things.
The IPO is a big milestone for the company, which was founded in 2004. Aquantia issued 6.82 million shares of common stock at a share, and the stock closed trading at .54 a share, up 6 percent on its first day.