RED HERRING | Saifun, Passave Set IPOs

Two semiconductor companies with facilities in Israel, Saifun Semiconductors and Passave, filed information with the U.S. Securities and Exchange Commission on Friday in preparation for an initial public offering.

Saifun, based in Netanya, Israel, filed a registration statement with the SEC for a proposed IPO of 5 million ordinary shares. All the shares will be sold by Saifun. Saifun also granted its underwriters a 30-day option to purchase up to an aggregate of 750,000 ordinary shares.

Passave is a Santa Clara, California-based fabless semiconductor company with facilities in Herzliya, Israel, and Tokyo. The company set its IPO at 4.7 million shares at an estimated price of $15 to $17 each, according to Reuters.