O2 Micro surges 131 percent in debut

O2Micro International Ltd. (Nasdaq: OIIM), whose integrated circuits help laptop computers, cell phones and other devices run longer on battery power, closed up 11 49/64, or 131 percent, to 20 49/64 in its initial public offering Wednesday.

The company priced 4 million shares at $9 each, the top of its $7-9 range.

The company-based in the Cayman Islands, is the only offering to make it out the door this week as the IPO market has gone on vacation. It develops smart cards for notebook computers including cardbus controllers, PCMCIA controllers, smart PMUs, power inverters and smart battery selectors.

O2Micro is offering 3.45 million of the shares while stockholders, including Takachiho Koheki, a former distributor based in Tokyo, are offering the other 550,000.

The company will have 31.9 million common shares outstanding when the IPO is completed.

O2Micro's circuits are used in electronic devices by Apple Computer Inc. (Nasdaq: AAPL), Compaq Computer Corp. (NYSE: CPQ), Dell Computer Corp. (Nasdaq: DELL) and International Business Machines Corp. (NYSE: IBM), among others.

O2Micro posted net losses of $4.2 million in 1997 and $6.7 million in 1998, and net income of $838,000 in 1999. As of March 31, 2000, it had an accumulated deficit of about $12.2 million, according to the filing.

The offering is underwritten by Robertson Stephens, U.S. Bancorp Piper Jaffray and Needham & Co.