LONDON -- Mixed-signal fabless chip company Wolfson Microelectronics plc said Monday (September 29, 2003) it would sell between 11.9 million and 16.1 million new shares and its existing shareholders would sell 21 million shares at between 155 and 210 pence each (between about US$2.50 and US$3.50) when the company floats on the London Stock Exchange on October 14, according to a Reuters report.
This should draw in between about US$30 million and US$60 million for the company as well as making up to US$75 million for existing shareholders.
The company's 125 employees are said to own about a quarter of the existing 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.
The company confirmed plans to conduct an initial public offering of shares (IPO) earlier in September (see September 10 story).
Wolfson said the proceeds of the IPO would be used to expand its sales force, enhance design and test technology and increase its product coverage, the report said.