4G chip supplier GCT Semiconductor withdraws $60 million IPO

GCT Semiconductor, a fabless supplier of 4G LTE and WiMAX wireless chips, withdrew its plans for an initial public offering on Friday citing poor market conditions. The San Jose, CA-based company was founded in 1998 and booked $87 million in sales for the 12 months ended December 31, 2011. BofA Merrill Lynch was set to be the sole bookrunner on the deal.