Motorola files for Freescale IPO
Sets a stock price range, but not a date
Posted in Financial News, 22nd June 2004 08:55 GMT
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Motorola chip subsidiary Freescale has registered with the US Securities and Exchange Commission its intention to IPO.
According to Freescale's S-1 filing, some 121.6m new, Class A shares will be offered - around eight per cent of the company - with a further 18.2m shares held in reserve should the public offering be oversubscribed.
Motorola will retain the existing, Class B stock, amounting to 92 per cent of the voting stock, before releasing it to its own shareholders later this year.
The IPO shares will be priced at between $17.50 and $19.50, allowing the chip maker to raise $2.13-2.37bn, rising to $2.45-2.73bn if the extra allotment is sold.
Shares will be traded on the NYSE under the FSL symbol.
As yet, the date of the IPO remains unknown, but that's likely to be revealed when Freescale registers its exact IPO sale price.
Motorola announced its plan to spin off Freescale earlier this year when it gave its old chip division a new name. Originally, it expected to make the offering in the spring. ®
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