but is unable to reveal figures indicating the success or failure of the undertaking.

Ms Carolyn Hall of Gulf Stream Securities, the investment management and brokerage firm handling the offering, said the company had attracted at least 100 shareholders.

That was the minimum number said to be required in order to ensure wide distribution of the stock.

Ms Hall had earlier reported a "tremendous response in the last two days'' before the closing of the offering.

"On Thursday, individuals were buying lots of 1,000 shares, compared to Friday, when lots of 600 shares were purchased.

"The number of shares per investor had decreased, but the number of investors increased,'' she said.

Yesterday's price of Chip's stock was bid $6.50, ask $7. No Chips stocks were traded.