InvenSense files to raise up to $85m in IPO

City A.M. Reporter
CHIPMAKER InvenSense filed with US regulators yesterday to sell fewer shares at a lower price range than it had originally expected in its initial public offering (IPO) of common stock.

InvenSense, which in August delayed its IPO due to market conditions, said it would sell up to 10m common shares priced at $7.00-$8.50 (£4.37-£5.30) each.

The California-based company, which had filed for an IPO of up to $100m, originally planned to sell up to 10.5m shares priced at $8.50-$10.50 apiece.

The company’s common stock has been approved for listing on the New York Stock Exchange under the symbol INVN, InvenSense said in a filing to the US Securities and Exchange Commission.

InvenSense makes motion sensing chips used in smartphones and gaming devices.

Goldman Sachs and Morgan Stanley are the lead underwriters for the offering.

The company was founded in 2003 and booked $130m in revenues for the 12 months ended 30 September 2011. The deal is expected to price during the week of 14 November.