Memsic Inc., an Andover, Mass.-based developer of semiconductor sensor and system solutions based on MEMS technology and mixed-signal circuit design, has set its IPO terms to six million common shares being offered at between $11 and $13 per share. It would have an initial market cap of approximately $294 million, if it were to price at the high end of its range.
Memsic plans to trade on the Nasdaq under ticker symbol MEMS, with Citi serving as lead underwriter. It has 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