AAA IDG gains from RDA flotation

IDG gains from RDA flotation

RDA Microelectronics, a China-based maker of communication chips, has filed for its $100m flotation on the Nasdaq stock exchange.

Since shipping its first chip in 2005, RDA posted $76m in revenue for the first six months of the year, compared to $46m for the first half of last year and full-year turnover of $118.4m.

RDA will list an undisclosed number of American Depository Shares worth an undisclosed number of common shares at its initial public offering (IPO), co-led by investment banks Morgan Stanley and Credit Suisse.

Private equity firm Warburg Pincus and IDG-Accel, a joint venture in China between venture capital firm Accel and publisher international Data Group, are the biggest institutional shareholders.

Warburg Pincus and IDG both bought 15 million shares for $5m each in RDA’s series C round in January 2007. Warburg Pincus had previously bought shares and so owns 67.7% of RDA pre-flotation while IDG owns 7.1% through its C round share purchase, according to its regulatory filing.

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