LONDON -- Wolfson Microelectronics Limited has confirmed that it plans to make an initial public offering of shares to be traded on the London Stock Exchange before the end of 2003.
The Edinburgh-based chipmaker expects to raise between £50 million and £100 million (about $80 million to about $160 million) according to reports. The size of the stake to be put up for sale has not been determined but could be as much as 25 percent, giving the company a market capitalization of $320 million, a Financial Times report said. The report also said the IPO was likely to occur in October.
The company's 125 employees are said to own about a quarter of the shares with other shareholders including Sanyo, German bank WestLB, and the Scottish Braveheart Ventures investment syndicate.
The fabless semiconductor company, which develops and markets mixed signal semiconductors for multimedia and communications applications, has enjoyed design wins in Microsoft's Xbox games console.
"Our strategy is to be a leading international mixed-signal semiconductor company. The increasing use of digital technology in consumer products is driving demand for our high performance mixed-signal ICs. We are very proud that our chips are used by some of the world's leading OEMs in a range of exciting consumer audio and imaging products. Our proposed listing will give us the platform to expand the business further to meet our customers' demands," said David Milne, chief executive officer, in a statement that could be viewed at Wolfon's website when this story was posted.
In August the company declined to comment on plans for an IPO (see August 11 story).