US-based connectivity technology provider Aquantia Corp has filed to raise up to $86.3m in an initial public offering that will enable corporates Cisco, GlobalFoundries, Intel, LSI and Xilinx to exit.
Aquantia develops and manufactures high-speed integrated circuits for use in ethernet connectivity, helping to bridge data sent through analogue signals in wired infrastructure to digital information required for computing and networking devices.
The company increased its revenue for the first half of the year from $41.4m in 2016 to $48.8m this year, making a $3.4m net loss in the first half of 2017. The IPO will follow approximately $195m in funding.
Aquantia raised $37m in 2015 from semiconductor foundry GlobalFoundries, which invested $20m, Walden Riverwood Ventures, Cisco Investments and Direct Equity Partners, respective subsidiaries of networking technology provider Cisco and financial services firm Credit Suisse.
Electronics producer LSI had backed Aquantia’s $21m series E round in 2011, which included all the company’s existing investors: New Enterprise Associates, Lightspeed Venture Partners, Greylock Partners, Pinnacle Ventures and Venture Tech Alliance.
Russian government-backed fund Rusnano supplied $25m of a $35m round Aquantia closed in 2012, investing alongside undisclosed existing backers, before programmable logic technology provider Xilinx led the company’s $20m series G round in 2014. Chipmaker Intel’s Intel Capital unit is also an investor.
The company’s largest shareholder is Aquan, a holding vehicle for an investor called Hing Wong, while other notable shareholders include Rusnano (11.1%), Pinnacle Ventures (10.9%), Walden (10.7%), GlobalFoundries (10.3%) and Paxion Partners (6.8%).
Aquantia plans to float on the New York Stock Exchange. Morgan Stanley, Barclays Capital and Deutsche Bank Securities are the bookrunners for the IPO while Needham & Company and Raymond James co-managers.
– Photo courtesy of Aquantia Corp.