PALM BAY, Fla. -- Calling it the largest initial public offering ever for a U.S.-based semiconductor company, Intersil Corp. here today announced its IPO of 20 million shares of Class A common stock at $25 per share, for a total value of $500 million. Earlier estimates had expected the stock to open at $18 to $20, for a roughly $400 million value (see Jan. 25 story ).
The stock will trade on Nasdaq under the trading symbol "ISIL." The managing underwriters of the offering are Credit Suisse First Boston, Salomon Smith Barney, Merrill Lynch & Co., RobertsonStephens and S.G. Cowen Securities Corp.
Intersil is the former Harris Semiconductor business, which was spun off in 1999. It is targeting two primary markets: power management solutions for computers and network appliances, and chip sets for wireless communications.