After pricing its 7.2M-share IPO at $13 (the low end of a $13-$15 range), SunEdison Semi (SEMI) opened at $15 and is currently at $14.66, up 12.8%.
The chip wafer manufacturer has a valuation of $592M, or a modest 0.6x 2013 sales. The low multiple is a by-product of the company's ongoing top-line struggles - sales fell 11% Y/Y in Q1 to $206.1M.
SunEdison (SUNE +3%), which is spinning off the business, stands to have a 58.4% post-IPO stake; investors are breathing a sigh of relief over the debut. Leading customer Samsung, which is buying shares through a private placement, will have a 23.7% stake.