Freescale IPO Seeks 47% Discount to Buyout Price After Cut

Freescale Semiconductor Holdings Ltd. is selling shares at a 47 percent discount to what private equity owners paid after cutting the price range in its initial public offering by 17 percent.

The chipmaker is offering 43.5 million shares for $18 to $20 each after lowering the range from $22 to $24, data compiled by Bloomberg show. The current $19 midpoint, which values the unprofitable company at about $4.6 billion, compares with an average price of $36 that investors including Blackstone Group LP, Carlyle Group, Permira Advisers LLP and TPG Capital paid for Freescale, according to a regulatory filing.