Burgeoning demand for adaptations of wireless telecommunications equipment to make Internet-based communications from moble telephones possible are the wave that will carry Israeli access processing semiconductor developer Wintegra Inc. to Nasdaq. The company, which forewent an IPO in 2006, recently met with an investment banker to consider an offering at a company value of $300 million. The company plans to raise $70 million.
Wintegra chairman, president and CEO Jacob (Kobi) Ben-Zvi and VP marketing and sales Robert O'Dell founded the company in 2000. The company planned to raise $65 million at a company value of $290 million in an IPO in 2006. The company withdrew the prospectus at the last moment when the underwriters would not give the company the price it was asking.
Wintegra plans to publish a prospectus this summer, and to hold the IPO this year. The company had $30 million in sales in 2009 and posted a profit of a few million dollars.
The figures are far from guaranteeing a successful IPO, but they are better than the figures at the time of the company's last attempt to go public. In addition, demand in the company's target market can give investors the assurance that an IPO should be successful.
Wintegra has raised $42 million from Concord Ventures, Magma Venture Partners, Genesis Partners, Plenus Venture Lending Fund, Texas Instruments Ventures, China Development Industrial Bank, and Marvell Technology Group (Nasdaq: MRVL).
Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2010
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