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PortalPlayer files IPO for 6.3 million shares

PortalPlayer announced today that it expects to sell 6.3 million common shares for between US$11 and $13 a share in its initial public offering (IPO), reports Reuters. The company designs the chips and software for Apple’s iPod, amongst other things. The company says it plans to use the expected $67.6 million in net proceeds to repay debt, to increase working capital and for general corporate purposes, the filing with the U.S. Securities and Exchange Commission said.

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