SunEdison files to spin off semiconductor business through IPO

Sept 9 Mon Sep 9, 2013 6:36am EDT

Sept 9 (Reuters) - SunEdison Inc filed with regulators to spin off its semiconductor business, SunEdison Semiconductor, through an initial public offering of up to $250 million.

The solar company had said last month it would sell a minority stake in its newly formed semiconductor unit through a public offering scheduled for early 2014.

The semiconductor materials business makes wafers used in chips for computers, mobile phones and cars.

Missouri-based SunEdison told the U.S Securities and Exchange Commission in a preliminary prospectus that Deutsche Bank Securities and Goldman Sachs are the lead underwriters to the offering. ()

The filing did not reveal how many shares the company planned to sell or their expected price.

SunEdison Semiconductor intends to list its common stock under the symbol "WFR". The company did not disclose which exchange it would list its stock on.

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.