Ambarella, a US-based semiconductor company for high-definition video processing backed by Taiwanese peer Wintech Microelectronics, plans to raise $65m in its flotation on an undisclosed stock exchange.
Wintech, which is Ambarella’s largest customer, owns 7.6% of the portfolio company with venture capital firms Benchmark Capital, Walden International and Matrix Partners 18.4%, 15% and 13.2% respectively.
Investment banks Morgan Stanley and Deutsche Bank are co-lead underwriters for the initial public offering of Ambarella, which had $13.9m in net income on $94m of revenues for the 12 months to January 31. Wintech made up $85.7m of these revenues, up from $30.8m in the same period two years earlier, according to Ambarella’s regulatory filing.