Memsic Inc., an Andover, Mass.-based developer of semiconductor sensor and system solutions based on MEMS technology and mixed-signal circuit design, raised $60 million in its IPO. The company sold six million common shares at $10 per share ($11-$13 range), for an initial market cap of approximately $226 million. Memsic will trade on the Nasdaq under ticker symbol MEMS, while Citi served as lead underwriter.
It had raised over $33 million in VC funding since 1999, from firms like Celtic House Venture Partners (16.1% pre-IPO stake), The Still River Fund (15.7% pre-IPO stake), InveStar Capital (13.7%), CID Group (5%) and Ironside Ventures. www.memsic.com