Freescale Semiconductor Holdings I, Ltd. announced that the company has priced its initial public offering of 43,500,000 common shares at $18per share.
In connection with the offering, Freescale granted the underwriters a 30-day option to purchase up to 6,525,000 additional common shares at the public offering price less underwriting discounts to cover over-allotments, if any.
According to media reports, Freescale had previously planned on pricing the IPO between $22 and $24 per share. The company’s decision to lower the share price was said to be due largely to market conditions. The company is hoping to net $783 million – after initially stating it wanted to net $1.04 billion – which it will use to pay off debt.
