Ambiq Micro Inc.’s stock is popping in its first trading day on the New York Stock Exchange. Shares opened Wednesday afternoon at $38, well above their initial-public-offering price of $24. Ambiq’s stock was changing hands just above $40 at recent check,

Wen Hsieh, who was a general partner at Kleiner Perkins until 2023, first backed Ambiq when the company raised its Series C in 2014. Hsieh also invested in Ambiq after he launched his own venture firm, Matter Venture Partners, two years ago.

The company’s IPO filing revealed that its silicon powers over 270 million devices worldwide. Ambiq sold more than 40 million chips last year alone and generated $76.1 million in revenue, a 16% increase from 2023. During the same time frame, Ambiq’s annual loss narrowed by about $10.6 million.