PortalPlayer raises price range to $14-$16

PortalPlayer, the fabless designer of hard drive-based portable audio chips for Apple's iPod, raised its expected price range for its upcoming IPO to $14-$16 from $11-$13. The company still plans to offer 6.25 million shares, resulting in a proposed market cap of $355 million. The deal, which is expected to price on Thursday, is being lead managed by Citigroup. Trading is expected to begin Friday on the NASDAQ under the ticker PLAY.