NXP Semiconductors seeks smaller IPO

The Dutch company backed by KKR, Bain, Silver Lake, Apax and AlpInvest aims to raise as much at $714m in an initial public offering that had originally targeted more than $1bn.

NXP Semiconductors has lowered the amount of its initial public offering from as much as $1.15 billion to as much as $714 million.

Backed by major private equity firms including KKR and Bain Capital, NXP filed an amended registration statement with the SEC Thursday, setting terms for an offering of 34 million shares priced between $18 and $21 per share. The Dutch company plans to list the common stock on the NASDAQ Global Market under the symbol “NXPI”.

KKR, Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners bought an 80.1 percent stake in the company from Koninklijke Philips Electronics in 2006 for €9 billion.

Underwriters for the IPO are Credit Suisse, Goldman Sachs, Morgan Stanley, Barclays Capital, and BofA Merrill Lynch.

NXP Semiconductors has 27,000 employees working in more than 25 countries and posted sales of $3.8 billion in 2009. Its products are used in a wide range of automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer and computing applications.