Qualcomm Raises at Least $60 Million
Qualcomm’s initial public offering Friday raised at least $60 million, company officials said Monday.
The company, which went public at $16, closed at $18 Friday in NASDAQ trading. It closed down $.25 on Monday, at $17.75.
Qualcomm, which will use offering proceeds to reduce its debt and develop new products, concentrates on digital wireless communications technologies.
The company, which manufactures two-way communications devices used by trucking companies, also has developed a digital cellular telephone communications system. It recently completed large-scale testing of the cellular system.