(Bloomberg) -- Credo Technology Group Holding Ltd. climbed as much as 25% in its trading debut after a downsized initial public offering that raised $200 million at the bottom of a marketed range.

The offering is the year’s first significant tech IPO in the U.S. and only the 11th globally, with worries over interest rates, market volatility and a potential Russian invasion of Ukraine chilling would-be listings. That’s an underwhelming contrast to the 17 IPOs raising $3.5 billion, including Playtika Holding Corp.’s $2.2 billion offering in New York, at this point in 2021, according to data compiled by Bloomberg.

Credo’s shares opened at $12.10 Thursday after selling for $10 in the IPO. They were up 9.7% to 10.97 at 2:23 p.m. in New York trading, giving the company a market value of $1.5 billion.

Credo and selling shareholders sold 20 million shares Wednesday after marketing 25 million shares for $10 to $12.

Credo is a secure, high-speed connectivity solutions provider, operating in a data infrastructure market driven largely by hyperscale data centers, high performance computing and 5G infrastructure, it said in its filings.

Credo’s revenue rose while its loss shrank for the six months ended Oct. 31. It had a loss of $17 million on revenue of $37 million during that period, compared with a loss of $19 million on revenue of $25 million a year earlier, according to its filings with the U.S. Securities and Exchange Commission.

The San Jose, California-based company is rooted in Silicon Valley. Co-founder Chi Fung “Lawrence” Cheng was an executive at Marvell Technology Inc., while fellow co-founder Lip-Bu Tan served as chief executive officer of Cadence Design Systems Inc., where he remains chairman.

Cheng and Tan now control a combined total of 18% of Credo’s shares, according to the filings. Cheng was planning to sell about 1.4 million shares in the IPO. Tan is also a co-founder of Celesta Capital, which has a 5.6% stake in Credo.

The offering was led by Goldman Sachs Group Inc. and Bank of America Corp. The company’s shares are trading on the Nasdaq Global Select Market under the symbol CRDO.

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