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Hittite hits Nasdaq with $52m initial public offering

RFIC, module and subsystem developer Hittite Microwave debuts on the Nasdaq stock exchange with an offering worth up to $52 million.

Fabless RFIC designer Hittite Microwave has priced its initial public offering (IPO) of common stock at $17 per share.

The Chelmsford, MA, company offered 2.7 million shares for sale, while current stockholders offered 1.8 million. An additional 675,000 shares were to be offered if the IPO was oversubscribed.

Hittite designs and develops a range of ICs, modules, and subsystems using a range of GaAs and silicon-based semiconductor processes.

Its chips are manufactured at a number of foundries, including the US firms Global Communications Semiconductors, TriQuint Semiconductor and MA/COM, United Monolithic Semiconductors in Europe and Taiwan-based WIN Semiconductor.

Although the IPO could raise up to $51.8 million all told, Hittite will not be using the proceeds to build a wafer fab:

"We will continue to focus on investing in our core deign and engineering competencies, while outsourcing the capital-intensive requirements of semiconductor fabrication," said the company.

According to Hittite's prospectus, company revenue has increased sequentially over the past 13 years, during which time it has remained consistently profitable "“ a boast that many in the GaAs industry would envy.

In its most recent fiscal year, Hittite posted a revenue of $61.7 million at a very healthy gross margin, which saw it record a net profit of $11.9 million "“ equivalent to $0.45 per share.

The company is now listed under the ticker symbol "HITT" on the Nasdaq exchange.

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