4G chip supplier GCT Semiconductor withdraws $60 million IPO

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GCT Semiconductor, a fabless supplier of 4G LTE and WiMAX wireless chips, withdrew its plans for an initial public offering on Friday citing poor market conditions. The San Jose, CA-based company was founded in 1998 and booked $87 million in sales for the 12 months ended December 31, 2011. BofA Merrill Lynch was set to be the sole bookrunner on the deal.



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