The $870m (€870m) initial public offering of Seagate Technology, the US disk drive manufacturer, is set to be the largest technology IPO in the US since March 2001, despite pricing below its indicative price range.

The deal was led by Morgan Stanley and Salomon Smith Barney. Shares priced at $12, below the indicative range of $13 to $15, but even at $870m the deal doubles the total raised by US technology firm IPOs this year, according to Dealogic, the investment banking research firm.