Dutch computer chip maker NXP BV says it will seek an initial public offering of its shares.
In a press statement Saturday, NXP says it has registered with the U.S. Securities and Exchange Commission to sell shares, a preliminary step toward an IPO.
NXP is the former chip-making arm of Philips Electronics. Philips sold an 80.1 percent stake in NXP to a consortium of private investors led by Kohlberg Kravis Roberts & Co. for 4.3 billion euros ($6.3 billion) in August 2006.
Since then the company has slashed jobs and sold operations.
NXP says it had 27,000 employees and sales of $3.8 billion in 2009. The company has not yet set a target for the size of the share issue.
NXP says it will use proceeds from the offering to cut debt.
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