GCT plans to raise up to $100 million in IPO

NEW YORK

GCT Semiconductor Inc., a maker of mobile chips used in smartphones, wireless routers and other devices, plans to raise up to $100 million in an initial public offering, according to documents filed on Thursday.

This amount likely to change as bankers determine how many shares should be sold and at what price. GCT is filing for an IPO at a tumultuous time for the stock market, when several big-name companies, such as coupons site Groupon Inc. and game maker Zynga Inc., are reportedly delaying their IPOs.

GCT makes chips for 4G, or fourth-generation mobile devices, and says it should benefit from a multi-year upgrade cycle in the industry, "driven by changes in the way customers access the Internet using a wide variety of mobile devices."

In fiscal 2011, it posted a net loss of $11.5 million on revenue of $68.6 million. That compares with a loss of $19.9 million on revenue of $33.1 million in fiscal 2010. The company's fiscal years end in June.

GCT, which is based in San Jose, Calif., plans to use the proceeds to repay loans, for working capital and general corporate purposes.

The underwriters are Goldman Sachs, BofA Merrill Lynch, Cowen and Co. and Oppenheimer.