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TOKYO, Jan 15 (Reuters) - Japanese chip maker Elpida Memory Inc has appointed Deutsche Bank AG <DBKGn.DE> and Daiwa SMBC to arrange an initial public offering (IPO) expected to raise about 100 billion yen ($941 million), market sources told Reuters on Thursday. Elpida, a memory chip joint venture between electronics conglomerates NEC Corp <6701.T> and Hitachi Ltd <6501.T>, has said it wants an IPO in 2004 to raise funds needed to keep pace in the semiconductor industry, which requires intensive capital spending. Officials at Elpida Memory, Daiwa SMBC and Deutsche Securities, the investment banking unit of Germany's Deutsche Bank, declined to comment on the deal. Daiwa SMBC, the investment banking arm of Daiwa Securities Group Inc <8601.T>, Japan's second-biggest brokerage, was the third-biggest bookrunner in value for Japanese equity and equity-related bookrunning in 2003. Deutsche Bank ranked 13th. Some market sources said the IPO may come in the latter half of 2004. Elpida has been called Japan's last hope for standard computer memory chips in an industry dominated by more cost-efficient rivals in South Korea and Taiwan. Last year it raised nearly 180 billion yen from 30 investors, including Intel Corp (nasdaq: INTC - news - people), the world's biggest chip maker, as well as parent companies NEC and Hitachi. Led by charismatic Chief Executive Yukio Sakamoto, Elpida plans to concentrate on high-end dynamic random-access memory (DRAM) chips, while staying away from the commoditised side of the market. ($1=106.25 Yen) Copyright 2004, Reuters News Service
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