Qualcomm Ventures’ portfolio company InvenSense has filed for a US flotation worth up to $100m.
The US-based maker of navigation equipment has net revenues of $79.6m and will have its initial public offering on the Nasdaq stock exchange if demand is strong. InvenSense raised around $30m in its second and third rounds of funding, and news provider PEHub said $38m in total.
Pre-flotation, telecoms equipment company Qualcomm’s corporate venturing division owns 4.7 million shares (7%) of InvenSense, and the company’s other strategic investors less than 5%, according to its public filing.
The other strategics that joined at InvenSense’s $19m series C round in 2008 were: Taiwan-based computer manufacturers Foxconn and Inventec Appliances; Korea-based Skylake Ventures; DoCoMo Capital, a wholly-owned US-based subsidiary of NTT DoCoMo Japan; and VentureTech Alliance, a venture capital firm whose majority limited partner is Taiwan Semiconductor Manufacturing Company.
The company’s largest shareholders are venture capital firms Artiman Ventures (22.7% pre-IPO), Partech International (22.6%) and Sierra Ventures (8.9%).
Underwriting for InvenSense’s listing is led by Goldman Sachs and Morgan Stanley.