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. Last Updated: 07/27/2016

Infineon Doubles

FRANKFURT, Germany -- Shares in German computer-chip maker Infineon Technologies AG more than doubled their value on its bourse debut Monday in what it called the largest-ever technology-stock flotation.

Amid expectations it will soon be a blue chip, Infineon's shares were 75.40 euros ($72.90) by early afternoon, compared to their 35 euro issue price, after touching a peak at 84.99 euros, which valued the company at over 53 billion euros.

Sure of a winner, Infineon's chief executive, Ulrich Schumacher, arrived at the Frankfurt stock exchange dressed as a racing driver - one day after his namesake, Formula One driver Michael Schumacher, won the Australian Grand Prix.

"This has surpassed our and the banks' expectations," the Infineon CEO said. "I expect that at some point we will be in the DAX ... from microchip to blue chip."