LONDON -- Memsic Inc., the specialist chip maker that uses MEMS technology, has raised $60 million in its IPO in a transaction that values the Andover, MA-based company at $226 million.
The company sold 6 million shares at $10 per share and will trade on Nasdaq as of Friday, (Dec. 14) under ticker symbol MEMS.
The lead underwriter for the placing was Citi.
Memsic was founded in 1999 and has raised over $33 million in VC funding from investors such as Celtic House Venture Partners, the Still River Fund, InveStar Capital and CID Group.
It competes against companies such as ST Microelectronics, Analog Devices, Freescale, Infineon, Bosch Sensortec, Hitachi Metals and Oki Electric Industries.
The company designs and makes a range of MEMS based sensors and accelerometers used to measure tilt, shock, vibration and acceleration for embedding into products such as mobile phones, video consoles, automotive safety systems and video projectors.
Memsic combines proprietary thermal-based MEMS technology and analog mixed signal processing circuitry design into a single chip using a standard CMOS process.