UPDATE 1-IWatt files for IPO of up to $75 mln
June 4 |
June 4 (Reuters) - IWatt Inc, which makes power management chips used in Apple products, filed with U.S. regulators to raise up to $75 million in an initial public offering of its common stock.
The California-based company intends to list on the Nasdaq under the symbol "IWAT," it said in a preliminary prospectus filed with the U.S. Securities and Exchange Commission.
The filing did not reveal how many shares the company or stockholders plan to sell or their expected price.
The company, which qualifies as an 'emerging growth company' under the U.S. JOBS Act, is backed by Vantage Point Capital Partners, Sigma Partners and Horizon Partners among others.
The company has shipped more than 1 billion power management integrated circuits (IC) since 2007, including more than 400 million ICs in 2011, according to the regulatory filing.
Its chips are used by Cree Inc, Konka Group Co and R oyal Philips Electronics.
Deutsche Bank Securities and Barclays will be the lead underwriters to the offering.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
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