US-based wifi technology producer Quantenna Communications floated on Nasdaq on Friday in a $107m initial public offering that provided exits to investors including corporates Telefónica, Swisscom, Vivint and NTT.
Quantenna priced 6.7 million shares at $16.00 each, the top of the $14 to $16 range it set earlier this month. The underwriters have the option to acquire another million shares, which would lift the size of the IPO to $123m.
Founded in 2005, Quantenna designs and produces high-speed wireless communication equipment that helps improve wifi performance in connected devices.
The company traditionally served telecommunications service providers, which used the technology in home networking, but has expanded into the retail, business, enterprise and consumer electronics spaces.
Quantenna had raised approximately $200m in debt and equity, with telecom group Swisscom contributing to a $22m round that closed in 2010. Telecom company Telefónica’s corporate venturing arm, Telefónica Ventures, added an undisclosed sum in 2011 as part of a collaboration deal.
Home automation technology producer Vivint and telecom network NTT both took part in Quantenna’s last round, which closed at $35.5m in August 2015 with backing from Centerview Capital Technology, Rusnano, Sequoia Capital, DAG Ventures, Sigma Partners and Venrock.
None of the corporates owned stakes of 5% or more in the company pre-IPO. Venture capital firm Sequoia Capital remains its largest shareholder, with a 19.6% stake that was diluted from 24.6%.
Rusnano owns a 8.2% stake post-offering while other notable shareholders include Venrock (8.1%), Sigma Partners (7.5%), Southern Cross Venture Partners (7.0%) and DAG Ventures (6.6%).
Morgan Stanley, Barclays Capital and Deutsche Bank Securities are joint book-running managers for the offering. Needham & Company, William Blair & Company and Roth Capital Partners are the co-managers. Quantenna’s stock finished at $15.50 after its first day of trading.