Infineon Technologies priced the initial public offering (IPO) shares in its Qimonda memory business at $13 each, significantly lower than expected with the German chip maker citing a “challenging” IPO market.
The original IPO price was expected to be in the range $16-$18, which would have valued the memory subsidiary at around $1bn.
The actual price valued Qimonda at $546m when 42 million shares were place on the New York stock market 
on Wednesday.
Despite receiving what the firm called “strong participation” from institutional investors, Kin Wah Loh, president and CEO of Qimonda did say the IPO “encountered a challenging market environment which has seen almost half of all planned IPO’s since July 1st withdrawn from the marketplace.”
Infineon officially spun-off its memory division into wholly owned subsidiary Qimonda earlier this year, with operations starting at its headquarters 
in Munich, Germany, on May 1.