TOKYO (AFP) - Japan's only DRAM maker Elpida Memory Inc. made a strong trading debut on the Tokyo Stock Exchange, as its shares closed up 250 yen or 7.1 percent from its initial public offer price.
Elpida closed Monday at 3,750 yen after a high of 3,830.
Elpida is the world's fifth-largest maker -- and Japan's only remaining manufacturer -- of dynamic random access memories or DRAMs.
The chips are widely used in personal computers, flat-screen TVs, mobile phones and numerous other types of electronic equipment.
Elpida raised 111.5 billion yen through its share sale, making it the fourth-largest IPO in Japan this year.
"Now as a listed company, we will continue to do our part to be socially responsible and to do our best to improve our profitability," the company said in a statement.
Elpida was created in 1999 through the integration of the DRAM manufacturing operations of high-tech giants NEC Corp and Hitachi Ltd.
The two firms each continue to own 24 percent stakes.
Elpida plans to use the money raised through its IPO to help pay for the construction of a 4.5 billion dollar plant in Hiroshima.
That plant is meant to ensure Elpida Memory's competitiveness against rivals such as Samsung and Micron Technology.
11/15/2004 - 11:24 GMT - AFP