Easic, a US-based fabless semiconductor producer backed by data storage company Seagate Technology, has filed for a $75m initial public offering on Nasdaq.
Founded in 1999, Easic has developed a platform which reduces both the cost and production time of customised silicon devices used in a range of applications from wireless infrastructure to smartphones.
Easic has raised approximately $120m in equity funding and debt financing, according to regulatory filings. Most recently, it secured $23.5m in growth financing in 2013 from backers including Seagate, Khosla Ventures, Kleiner Perkins Caufield and Byers (KPCB), Crescendo Ventures and Evergreen Partners.
Seagate currently holds a 14.6% stake in Easic, while the company’s other major shareholders are Khosla (20%), Crescendo (15%), KPCB (8.8%), Evergreen (7.8%) and Advanced Equities (5.9%).
Easic intends to use jjust over $19m of the proceeds from the IPO to repay its outstanding debt. It made a $1.1m net loss in 2014 from revenues that increased to $65.1m from $26.1m in 2013.
Deutsche Bank and Morgan Stanley are the joint bookrunners for the offering. Raymond James & Associates, Robert Baird, William Blair, Roth Capital Partners and Northland Securities are also serving as underwriters.