Intermolecular Scales Back IPO Size

(Reuters) – Intermolecular Inc, which had filed with U.S. regulators for an initial public offering in July, said it will issue 10 million of its common shares at an estimated offer price of $12-$14 per share.

Intermolecular, which develops proprietary technology and intellectual property in the semiconductor and clean energy industries, had earlier filed with the Securities and Exchange Commission to raise up to $200 million in its IPO.

The IPO’s pricing range suggests that the offering is expected to raise up to $120 million if it is priced at the low end of its proposed range and up to $140 million if it is priced at the high end.

Intermolecular, which was founded in 2004, is backed by private equity players, including Redpoint Ventures, U.S. Venture Partners and CMEA Ventures.

The company plans to list under the symbol “IMI” on Nasdaq.

Morgan Stanley, J.P. Morgan Securities and Barclays Capital would underwrite the IPO.

(Reporting by Vidya L Nathan in Bangalore; Editing by Maju Samuel)