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Just one month after opening its new research and development facility in Billerica, Dutch chipmaker NXP Semiconductors NV helped its initial public offering, selling shares on the Nasdaq for $14 each – well under its planned $18 to $21 range.
Through bookrunners Barclays Capital, BofA Merrill Lynch, Credit Suisse, Goldman Sachs and Morgan Stanley, NXP (Nasdaq: NXPI) sold 34 million shares, raising approximately $476 million. NXP, based in Eindhoven, initially filed for a $1.15 billion IPO, but late last month reduced the expected amount to around $660 million.
NXP, which operates its U.S. headquarters out of San Jose, Calif., makes RF chips that are used in just about every part of a wireless device such as cell phones. The Billerica facility will concentrate on developing silicon-based chips that perform as well as the highest-performance microwave and RF chips that are usually made from gallium arsenide.
NXP’s chips customers include Apple Inc. and China’s Huawei Technologies Co. Ltd. The focus of the Billerica facility will be on landing new defense and government customers.
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