Ambarella shares up after pricing IPO below range

SAN FRANCISCO (MarketWatch) — Ambarella Inc.
saw its shares rise nearly 12% to $6.70 in early trades on Wednesday following its initial public offering, which priced late Tuesday well below its expected range. The Santa Clara, Calif.-based company, which makes chips used in the capture and display of high-definition video, priced 6 million shares at $6 a piece on Tuesday. It had previously expected to price its offering in the $9-$11 range. About 4.9 million of the shares in the offering are being sold by the company, with the rest coming from selling shareholders. The stock trades on the Nasdaq under the ticker symbol “AMBA.”

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