After reporting strong growth in the first six months as an independent concern, Intersil Holding Corp. is getting ready to take its chip company public.
The former semiconductor group of Harris Corp., which manufactures analog and mixed-signal ICs, discrete devices, and wireless chips, recently filed a registration statement with the Securities and Exchange Commission to raise nearly $431 million in an initial public offering.
The company is applying for the listing of its Class A common stock on the Nasdaq under the symbol "ISIL." Intersil Holding will use the proceeds to pay back debt, which was mostly incurred when the company acquired Harris's chip business in August, the company said in the filing.
Intersil posted second fiscal quarter sales of $158 million, up 27% over a year ago. Operating income jumped to to $14.5 million from $3.4 million.
"We achieved excellent results in our second fiscal quarter," said Greg Williams, president and chief executive, in a statement. "We completed the first half of our fiscal year with strong results across the board. We saw strong demand for our wireless chipsets and power-management products, in particular, and experienced strong market acceptance of several new integrated communications products which were introduced during Intersil's first two quarters."
Analog and mixed-signal ICs accounted for 66.2% of Intersil's fiscal 1999 sales, which reached $532.7 million, according to the filing. Discrete and wireless devices represented 30.4% and 3.4%, respectively.