June 4 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.