Chip maker NXP Semiconductor set for IPO this week; expects to raise up to $714 million
By APTuesday, August 3, 2010
NXP Semiconductor set for IPO this week
NEW YORK — Dutch chip maker NXP Semiconductor NV is set to go public this week, planning to raise as much as $714 million in an IPO.
The company’s chips end up in a wide range of products, from automobiles to wireless infrastructure equipment to TV sets. Spun off from Philips Electronics NV in 2006, it booked sales of roughly $3.84 billion last year.
NXP estimates its net proceeds from the IPO will come to $620 million. It plans to use the cash to pay back a portion of its outstanding bonds.
It will sell about 34 million shares at between $18 and $21 traded under the ticker “NXPI” on the Nasdaq exchange.
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