Newport Beach contract chipmaker Jazz Semiconductor Inc. withdrew its long delayed initial public offering Wednesday.
The company, an offshoot of Newport Beach-based Conexant Systems Inc., had planned to raise $150 million in a stock sale.
In a Securities and Exchange Commission filing, Jazz cited market conditions for nixing the offering.
Jazz’s public stock debut was seen coming as early as 2004. Conexant still owns some 40% of Jazz along with Washington, D.C.-based Carlyle Group, which owns 47%.
The offering was expected to be one of the larger ones of late for Orange County. Credit Suisse First Boston and Lehman Brothers were the lead underwriters.
Jazz had about $225 million in sales for 2004, up from $185 million in 2003.
The company runs a former Conexant chip plant that produces semiconductors for Conexant and other companies. Many of Jazz’s customers, including Conexant, are struggling.
Conexant and Massachusetts-based Skyworks Solutions Inc., another Conexant offshoot, account for about 75% of Jazz’s sales.
A Jazz offering had been part of Conexant’s long running restructuring, in which the company sold off businesses and spun off Newport Beach-based Mindspeed Technologies Inc.
