Cortina Systems, a US-based provider of integrated circuits for semiconductors with chip maker Intel as its largest shareholder, plans to raise $100m in its flotation.
Intel Capital, the corporate venturing unit of Intel, owns 11.9% of Cortina and will hold the same number of shares after its portfolio company’s initial public offering, according to its regulatory filing. Intel sold some of its Optical Networking Devices division to Cortina in 2006 for $115m. Cortina has raised about $217m since 2001, according to news provider Light Reading.
The other shareholders with more than 5% of the business are Storm Seminconductor (5.3%) following Cortina’s purchase of Storm in 2008, and venture capital firms 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%).
Investment banks JP Morgan and Barclays Capital are co-lead underwriters for Cortina, which posted a $10.7m net loss last year on $141m in revenues.