NXP Semiconductors Cuts Slashes its IPO Plan

NXP Semiconductors NV, a Dutch semiconductor company, has set its IPO terms to 34 million common shares being offered at between $18 and $21 per share. The company had originally filed to raise $1.15 billion, but now would only secure $714 million were it to price at the high end of its range (market cap would be $5.23 billion).

 It plans to trade on the Nasdaq under ticker symbol NXPI, with Credit Suisse, Morgan Stanley and Goldman Sachs serving as co-lead underwriters.

NXP reports a $161 million net loss from 2009 on over $3.8 billion in sales. This compares to a $3.5 billion net loss in 2005 on $5.44 billion in sales. It currently has $5.82 billion in debt on its balance sheet.

The company was carved out of Phillips in 2006, via a $9.5 billion leveraged buyout. Shareholders include KKR (also an underwriter on the IPO, AlpInvest Partners, Apax Partners, Bain Capital, Silver Lake Partners and Phillips.