Freescale Semiconductor sees IPO of up to $1.04 bn

CALIFORNIA, USA: Chipmaker Freescale Semiconductor Holdings I Ltd said it would sell 43.5 million shares in an initial public offering to raise about $1 billion.

The offering is to be priced at $22-$24 per share, the company said in a filing with the U.S. Securities and Exchange Commission.

Freescale Semiconductor, which was spun off from Motorola Inc in 2004, plans to list on the New York Stock Exchange under the symbol "FSL".

Austin, Texas-based Freescale intends to direct the funds to its unit Freescale Inc, which is expected to use the money to clear about $1.1 billion in debt.

Freescale makes chips for a wide range of products including cars, networking, and industrial and consumer products such as Amazon.com Inc's Kindle electronic reader.

Citi, Deutsche Bank Securities, Barclays Capital, Credit Suisse and JP Morgan are underwriting the IPO