LONDON – Chinese analog IC provider BCD Semiconductor Manufacturing Ltd. has filed for an initial public offering of American Depository Share (ADSs) on Nasdaq to raise $86.25 million.
The company said it would use $24.5 million of the proceeds to finance the construction of a second wafer fab and $6.0 million to repay certain short-term loans. The remainder would be used for working capital and other general corporate expenses.
BCD (Shanghai, China) was founded in 2000 and has developed as a supplier of power conversion and power management ICs for the computer, consumer, and communications markets. The company's ICs are used in personal computers, flat panel televisions and monitors and mobile phone chargers amongst other applications.
For the year ended Dec. 31, 2009, the company made a net income of $6.9 million on revenue of $100.8 million. For the first nine months of 2010 the company made a net income of $16.7 million on revenue of $101.3 million, the company stated in its F-1 filing.