GCT Semiconductor, a designer and supplier of 4G wireless chips, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The San Jose, CA-based company, which was founded in 1998, booked $69 million in revenues for the 12 months ended June 30, 2011, a 107% increase from their 2010 revenues mark. GCT plans to list on the NASDAQ under the symbol GCTS. Goldman Sachs and BofA Merrill Lynch are the lead underwriters on the deal. No pricing terms were disclosed.
GCT draws parallels to France-based peer company Sequans Communications (SQNS), which also designs 4G wireless chips and went public in April of this year. After initially spiking to reach as much as a 90% gain from its $10 initial offer price, Sequans has since tumbled and is currently trading around $7.40 (a 26% loss since its IPO price).
The IPO pipeline continues to swell, as GCT is the third company to register wtih the SEC in the past day.
