Integrated Silicon Solution Inc. today issued a public offering of 3.3 million shares of common stock, as the company looks to finance its capital plans and possibly investment in semiconductor-wafer foundries.
ISSI, Santa Clara, Calif., hopes to raise nearly $85 million through the offering, shares of which are priced at $25.50.
The company has granted the underwriters an option to purchase an additional 495,000 shares to cover any over-allotments. The offering is being managed by Banc of America Securities LLC, Gerard Klauer Mattison & Co. Inc., and Wit SoundView.
ISSI, which makes high-performance SDRAM, DRAM, microcontrollers, and other devices, said net proceeds will be used for general corporate purposes, principally working capital, capital expenditures, and potential investments in wafer fabrication facilities.
The company already has a 4% stake in an 8-in.-wafer fab in Camas, Wash., known as WaferTech. Taiwan Semiconductor Manufacturing Co. Ltd. is the plant's majority owner, with Altera Corp., Analog Devices Inc., and several other partners holding smaller shares.