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Alpha and Omega Semiconductor Ltd., which develops power chips for laptop computers, flat panel displays, portable media players and other devices, plans to raise about $91.5 million in an initial public offering this week.

The company, which expects the IPO to price between $17 and $19 per share, is offering 3.4 million shares and selling stockholders are offering another 1.7 million.

It expects proceeds of about $54.2 million after deducting expenses and excluding the proceeds going to selling stockholders. This is based on the midpoint of the expected offer price range, $18.

Alpha plans to use about $20 million to $30 million it receives to invest in its in-house packaging and testing capacity. It plans to use the rest for general corporate purposes, including working capital, marketing, research and development and capital expenditures

The underwriters are Deutsche Bank Securities, Piper Jaffray, Thomas Weisel Partners and Caris & Co.

The Bermuda-based company operates through subsidiaries in Sunnyvale, Calif., Shanghai and Taipei, Taiwan. It plans to list its shares on the Nasdaq Global Market under the symbol "AOSL."

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