LONDON Chinese fabless semiconductor company Actions Semiconductor Co. Ltd. has gone ahead with an initial public offering of shares on Nasdaq, offering 9 million American depositary shares (ADSs) with each one representing six ordinary shares.
The ADSs were priced at $8.00, well below previous plans (see Nov. 22 story), and were due to begin trading Wednesday (Nov. 30) on the Nasdaq National Market under the symbol ACTS.
Actions Semiconductor, based in Zhuhai, Guangdong province, provides systems chips for personal media or MP3 players. It had originally said in its filing that it intended to raise $225 million. That was reduced to $85 million, based on the midpoint of a reduced price range. The IPO offer price has been reduced again with a view to raising $72 million.
As this price the shares would raise $48 million gross for Actions Semiconductor, which is offering 6 million of the ADSs. Selling shareholders in Actions are offering 3 million ADSs and have granted the underwriters a 30-day option to purchase up to an additional 1,350,000 ADSs to cover over-allotments, if any.