Freescale Semiconductor Holdings intends to raise about $1 billion in an IPO, Reuters reports. The semiconductor manufacturer aims to sell 43.5 million shares at $22-24, leading to a valuation of roughly $5.5 billion for the company.

Citi, Deutsche Bank Securities, Barclays Capital, Credit Suisse and JP Morgan will serve as underwriters for the IPO. The Austin, Texas-based company intends to list on the New York Stock Exchange.

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