Arm-Backed Chipmaker Ambiq Raises $96 Million in IPO

Ambiq Micro Inc., a maker of ultra-low power semiconductors for artificial intelligence applications, raised $96 million in an upsized initial public offering, pricing its shares near the top of a marketed range.

The Austin-based company, which counts Arm Holdings Plc among its investors, sold 4 million shares Tuesday for $24 each, according to a statement confirming an earlier report by Bloomberg News. Ambiq had marketed 3.4 million shares for $22 to $25.