Ireland's booming economy is about to propel another fast-growing hi-tech firm on to the London stock market.

Silicon Systems, a Dublin-based intellectual property chip design company, plans to float on the London and Nasdaq stock exchanges with an expected value of around $700m (£443m).

A company statement said the exact timing of the flotation "will depend on specific market conditions and corporate factors".

Silicon, which is changing its name to Parthus Technologies, hopes to follow the success of fellow Irish firm Baltimore Technologies, which was one of the star performers on the London market last year and recently joined the main FTSE 100 index.

Silicon's co-founders Brian Long and Peter Mcmanamon are likely to see their shareholdings valued at several hundred million dollars. Other major shareholders include ST Microelectronics and Goldman Sachs, the float's co-ordinator, which owns 23%.

Silicon develops product platforms for wireless technology devices and licenses its designs to a range of component manufacturers.

The company's clients include Texas Instruments, ST Microelectronics and Creative Labs. It also has a licensing agreement with microchip designer ARM Holdings, whose technology is used in three quarters of mobile phones worldwide.

Mr Long set up Silicon in 1993, initially as contract developer of silicon intellectual property for large semiconductor manufacturers such as ST Microelectronics. Between 1993 and 1998 the company made a profit.

In 1998 Silicon took in Goldman Sachs as an investor and decided to invest heavily in research and development.

Last year its revenues, largely from licences, were $19m but it recorded an undisclosed loss.

Silicon is expected to raise around $100m from the flotation to finance research and development, acquisitions and sales and marketing expenditure.