- 30 June 2005 -

Hittite spells out IPO

Hittite Microwave Corp has set the terms of its pending initial public offering at 4.5m common shares with an estimated offering price range between $14 and $16 a share.

The Chelmsford, Massachusettes based IC developer filed an IPO in May to sell up to $60m in common stock, but did not detail the terms.

The company will offer 2.7m shares, and certain stockholders will offer 1.8m shares, according to an amended filing Thursday with the Securities and Exchange Commission.

The company plans to list its shares on the Nasdaq National Market under the symbol HITT and says it intends to use the net proceeds from the IPO for general corporate purposes.

C ompany's founder and chairman, Yalcin Ayasli, holds a 68% in the company.