AZ Electronic Materials launched itself on to the London Stock Exchange this morning, with shares initially trading above its IPO price of 240p at just under 260p this morning.
The company makes chemicals used in Apple's iPad.
The listing price valued the company at £914.2m, and was priced at the bottom of a narrowed range of 240p to 250p per share, but at the midpoint of an initial price guidance of 200p to 280p.
Reuters reported that private equity groups Carlyle and Vestar Capital Partners - who owned 41.8% each before the listing - would reduce their holdings to around 21% each, netting £57.5m each in the process.
The FTSE 100, meanwhile, opened just slightly down on yesterday's close, dropping 15 points to 5,662 in early trading.
Several of the big miners were down, with Rio Tinto pulling down the index in particular - down 108p to £39.97.
HSBC was also suffering, down 6.3p to 652.7p.
British Airways was the biggest faller among the FTSE 100, down just over 3% to 272.3p after its results this morning.
Panmure Gordon said of the numbers:
Strong H1 results as company delivers excellent improvement in profits. Outlook is positive, although economic uncertainty remains. We have upgraded our target price from 225p to 275p and retain our Hold recommendation.
WPP was the only other FTSE heavyweight to report this morning, lifting its 2011 outlook and posting Q3 organic revenue at the top end of forecasts.
Chief executive Martin Sorrell told Reuters that the group was expecting some revenue growth:
Most analysts are talking about somewhere between 2%, 3%, 4% for next year's top line and what we're saying here, with very preliminary indications, is that that's not lunacy.
Numis raised its target price on the stock to 875p from 864p on the news. The stock was down just 2p to 716.5p.
The big news of the day is likely to be US GDP figures, out early this afternoon, with US president Barack Obama speaking at 3pm on the American economy.
