Inphi, a semiconductor company part-owned by its largest customer, raised $81.6m at its New York Stock Exchange flotation after issuing shares at the maximum price of $12 each.
After the 7% initial public offering (IPO) fees, Inphi raised $75.9m, before a further one million shares can potentially be sold through an over-allotment process, according to its regulatory filing.
Korea-based electronics company Samsung owned 2.2 million shares (12.8%) of Inphi through its Electronics division and Samsung Venture Investment Company unit and was diluted down to 9.2% after the IPO. Inphi had raised more than $50m in venture funding before its IPO from Samsung and venture capital firms Walden International, Tallwood Venture Capital, Mayfield Fund and Dali Hook Partners.
Samsung Electronics is Inphi’s largest customer with more than a third of its sales and the chip maker posted net income of $23.2m on revenue of $62m for the first nine months of the year compared to $7.3m on $58.9m for the whole of last year.