RDA Micro IPO raises $67.5 million

NEW YORK — Shanghai-based RDA Microelectronics says its initial public offering of 7.5 million shares raised $67.5 million.

RDA Microelectronics Inc. said Wednesday that its American Depositary shares priced at $9. This is slightly below the midpoint of their planned price range of $8.50 and $10.50.

RDA designs chips that help smart phones, MP3 players and other gadgets connect to communications networks.

RDA says it plans to use the proceeds to grow its business, develop new products and to pay for capital spending.