Intel-backed semiconductor manufacturer Cortina Systems has filed with US regulator the Securities and Exchange Commission to withdraw from its planned $100m IPO.
The firm has not disclosed why it is pulling its IPO.
The Calif.-based firm had planned to trade on the Nasdaq, with J.P. Morgan and Barclays Capital serving as co-lead underwriters.
Shareholders include Intel (11.9% pre-IPO stake), Morgenthaler Partners (10.1%), Canaan Partners (8.3%), Institutional Venture Partners (8.2%), DCM (6.1%), El Dorado Ventures (5.8%) and Kodiak Venture Partners (5.3%), and other backers.
Cortina has raised over $219m since launching in 2001, according to news provider Light Reading.
The firm last held a venture funding round in 2006, when its series D round netted the company a solid $132m in financing for further expansion of its products and for potential acquisitions. A large number of venture firms participated, including Institutional Venture Partners, Canaan Partners, Morgenthaler Ventures, Alloy Ventures, Doll Capital Management, Sofinnova Ventures, and Bridgescale Partners.
In 2005, the firm raised $30m in a series C round with participation from venture firms Canaan Partners, El Dorado Ventures, Morgenthaler, Redpoint Ventures, Kodiak Venture Partners, and Jafco Ventures. Private equity firm INVESCO Private Capital also participated.
The series C augmented a series B round worth $20m from 2004. Originally concluded in February 2003, the extended series B saw backing from INVESCO, Repoint, Morgenthaler, Hotung Capital Management, and was led by Kodiak.