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* Prices at $17 vs $14.50-$16.50 range-underwriter
* Sells 5.25 mln shares, raises $89.25 mln-underwriter
* To trade on Nasdaq under symbol "LEDS"
NEW YORK, Dec 8 (Reuters) - SemiLEDs Corp (LEDS.O), which makes LEDs for lighting applications including street lights, priced shares in its initial public offering above the expected range on Wednesday, according to an underwriter.
The company sold 5.25 million shares for $17 each, raising about $89.25 million or 9.7 percent more than anticipated. It had planned to sell shares for $14.50 to $16.50 each.
The IPO was more than ten times oversubscribed, a source familiar with the situation said. The source declined to be named because the subscription details are not public.
SemiLEDs sells its blue, green and ultraviolet LED chips primarily to customers in China, Taiwan and other parts of Asia.
The company has three joint ventures in China, Malaysia and Taiwan and said it would use proceeds from the offering to expand its manufacturing capacity in Taiwan, for research and development, and for general purposes.
SemiLEDs' net revenue grew 209.6 percent to $35.8 million in 2010 compared with a year earlier. It swung to a $10.8 million profit from a $3.7 million loss in the same period.
The company's gross margin grew to 45.1 percent in 2010 from 4.6 percent in 2009.
Underwriters were led by Bank of America Merrill Lynch, Barclays Capital and Jefferies & Co. The shares are expected to begin trading on the Nasdaq on Thursday under the symbol "LEDS". (Reporting by Clare Baldwin)