STMicroelectronics, the Franco-Italian semiconductor company, is preparing to raise as much as €1.5bn ($1.3bn) in a combined equity and equity-linked offering, in its third visit to the equity capital markets in a little over two years.

Confirmation of the capital raising sent STMicro's shares down nearly 3%, the third day in a row that its shares have come under pressure. Its share price was also hurt by continuing concern over the health of semiconductor giants such as Intel in the US. The release of third quarter results, which unveiled a 207% surge in profits, limited the fall.