InnoLight Technology, a China-based producer of optical transceivers backed by diversified internet company Google, has filed for an initial public offering on Nasdaq that could raise up to $100m.
Founded in 2008, InnoLight supplies optical transceivers that convert electrical signals into optical signals that can be transmitted between computer servers through fibre optic cables. It intends to spend the IPO proceeds on increasing production capacity and enhancing its research and development capabilities.
Google Capital, which acts as Google’s growth equity unit, is InnoLight’s largest shareholder, with a 20.2% stake. It co-led the company’s $38m series C round in September 2014 with venture capital fund Lightspeed China Partners.
Investment holding company Oriza Holdings holds a 6.5% share in InnoLight and another 10.6% through its Suzhou Cowin Jin Qu Venture Capital unit. Other notable shareholders include Lightspeed China (10.5%), ITC Vision (8.1%) and Glory Castle Holdings, a holding company for InnoLight CEO Sheng Liu (5%).
Credit Suisse Securities and Barclays Capital are serving as joint book-running managers for the IPO.