BCD Semiconductor, a China-based chip maker backed by Intel Capital, has floated on Nasdaq stock exchange raising $63m.
BCD listed 4.3 million American Depositary Shares (ADS) at $10.50 before expenses, with shareholders selling a further 1.6 million ADSs, according to the company’s prospectus. Each ADS represents six ordinary shares and investment banks Jefferies and Stifel Nicolaus Weisel could sell another 900,000 ADSs if demand is strong.
Venture capital firm Venrock and New Enterprise Associates owned more than 5% of BCD before its listing, while Japan-based peer Jafco owned 3.9%.
Intel Capital was unmentioned as a major shareholder but had been part of BCD’s $50m round in June 2004 and is understood to remain as a minority owner.
BCD first made more than $100m in annual revenues in 2008.