Chipmaker MaxLinear aims to raise about $42.7 million in IPO

MaxLinear aims to raise about $42.7 million in IPO

PHILADELPHIA — MaxLinear Inc., a maker semiconductors used in products including TVs, cable boxes and PCs, is expected to raise about $42.7 million in an initial public offering this week.

The Carlsbad, Calif. company is selling 5.4 million Class A shares, of which 1.3 million will come from selling shareholders that want to divest their stakes, according to a filing with the Securities and Exchange Commission.

The underwriters, led by Morgan Stanley & Co. and Deutsche Bank Securities Inc., can obtain an additional 815,000 shares to sell to cover excess demand.

The shares are expected to be priced between $11 and $13 apiece. MaxLinear has applied for listing on the New York Stock Exchange under the ticker symbol “MXL.”

If the shares are priced at $12, MaxLinear should receive $42.7 million after fees and expenses, or $49.7 million if the underwriters’ excess shares are sold as well.

The company said it will use the money for general corporate purposes and working capital.

In 2009, MaxLinear earned $638,000 on revenue of $51.4 million, although it had booked losses in prior years. Three clients make up about half of net revenue.

MaxLinear is expected to go public this week, according to Renaissance Capital.