A multichannel ignition circuit for controlling a supply of current to a plurality of ignition coils for use with an internal combustion engine. Each of the ignition coils includes a primary coil and a secondary coil. A controller generates the plurality of ignition timing pulses. A driving/switching circuit having a plurality of drivers are operable to be turned on upon receipt of one of the ignition timing pulses from the controller. Each of the ignition coils is operable to generate a firing voltage upon one of the drivers being turned on. A current limiting circuit is operable to regulate an amount of current through each of the ignition coils when the internal combustion engine is operating below a threshold. A peak voltage reduction circuit which forms a portion of the current limiting circuit is operable to reduce voltage peaks in each of the ignition coils when the current limiting circuit is regulating the amount of current through each of the ignition coils and one of the ignition timing pulses is on.