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Tessera plans to go public

Tessera Technologies Inc. plans to raise as much as $75 million in an initial public offering to help it make acquisitions and develop new products.

Tessera Technologies, based in San Jose, Calif., did not disclose how many shares it will sell.

The company develops semiconductor packaging technology and licenses it to companies that make communication, computing and consumer electronic products. Semiconductor chips are typically assembled in packages that act as the physical and electrical interface between the chip and the printed circuit board.

In the first six months of 2003, the company said it had net income of $4.7 million on revenue of $17.4 million. It plans to trade on the Nasdaq Stock Market under the symbol TSRA. Lehman Brothers Holdings Inc. will manage the sale.

Apax Partners Inc., a unit of Europe's largest private equity firm, owns a 23 percent stake in Tessera Technologies. Apax and other shareholders including Tessera Technologies Chairman Robert Young, who has a 13 percent stake, may sell their holdings in the initial sale, according to the filing. U.S. IPOs are expected to pick up in the months ahead following the 47 percent gain in the Nasdaq Composite Index since March 11. There have been 15 initial stock sales in the third quarter worth $2.13 billion compared with 12 worth $2.94 billion in the first half, according to Bloomberg data.