The San Jose, Calif.-based maker of chips for various 4G wireless devices had planned to raise up to $67.5 million by offering 7.5 million shares at a range of $7 to $9 apiece. GCT Semi, whose investors included Samsung Electronics Co. Ltd., National Semiconductor Corp., Parakletos Ventures and FirstMark Capital.
Shares of the chipmaker, which filed its initial S-1 documents in September, was expected to begin trading Thursday. Another IPO that had been expected this week, mortgage REIT Provident Mortgage Capital Associates, postponed its offering Wednesday.
Despite these signs of IPO market weakness, local business review site Yelp Inc. is still expected to price its shares Thursday evening and begin trading Friday.
The closely watched Yelp offering follows several other social media IPOs -- LinkedIn Corp., Zynga Inc. and Groupon Inc. -- and is set to be followed by the most anticipated offering in the sector, that of Facebook Inc. The social networking leader is expected to price its shares in May.
Steve Browne and 750 Bingham McCutchen LLP employees have joined Morgan, Lewis & Bockius LLP. For other updates launch today's Movers & shakers slideshow.
The company, which already has activist Clinton Group as a major investor, brought back former CEO Ed Thomas to try to effect a turnaround. But the cash burn has continued. More video