Inphi, a semiconductor company part-owned by its largest customer, will raise up to $93.8m at its New York Stock Exchange flotation after setting its maximum share price at $12 each.
Inphi said it would sell up to 7.82 million shares in its initial public offering (IPO), including 6.8 million of new shares, at between $10 and $12 each, according to its regulatory filing.
Investment banks led by Morgan Stanley can issue a further one million shares if there is enough demand.
Korea-based electronics company Samsung owns 2.2 million shares (12.8%) of Inphi through its Electronics division and Samsung Venture Investment Company unit and will be diluted down to 9.2% after the IPO.
Samsung Electronics is Inphi’s largest customer with more than a third of its sales and the chip maker posted net income of $23.2m on revenue of $62m for the first nine months of the year compared to $7.3m on $58.9m for the whole of last year.