Fairchild IPO Raises $370 Million

Fairchild Semiconductor Corp., which developed the technology that spawned the modern computer-chip industry, raised $370 million in an initial public offering, selling 20 million shares at $18.50 each. The shares were priced in the middle of the $17-to-$20 range set by Credit Suisse First Boston Corp., which underwrote the transaction. The sale represents 23% of the South Portland, Maine-based chip maker’s shares outstanding and values Fairchild at $1.63 billion. The stock rose 31 cents to 18.75 in midday trading of 8.43 million shares, making it fifth most active in U.S. markets. Fairchild was founded in the late 1950s by inventor Sherman Fairchild, who also owned aircraft and electronics companies. The businessman put up $3,500 to fund a group of scientists that included Gordon Moore and Robert Noyce, who would go on to found Intel Corp., now the world’s largest chip maker. Fairchild said it will use proceeds from its public offering to repay debt and finance acquisitions. The company trades under the symbol FCS on the New York Stock Exchange.