Float for iPod designer PortalPlayer

THE company that designed the electronics for the Apple iPod music player is planning a listing despite a downturn in the US flotations market and falling share prices among chipmakers.

PortalPlayer, which has never made a profit, aims to raise $75m (£41m) but has not said how many shares it will issue or at what price.

It told the Securities and Exchange Commission in its registration filing that it had burned through more than $76m in venture capital funding since its launch in 2000 and had about $8.8m left.

The company said it was reliant on Apple for 85% of its revenues last year and was working to diversify its customer base. Revenues this year are already ahead of last year's $21m.