On Friday, Wintegra, which develops WinPath chips for telecommunications equipment producers, filed an updated prospectus with the US Securities and Exchange Commission (SEC) for an initial public offering. According to the prospectus, the company plans to raise $115 million at a valuation between $250 million and $500 million.
The joint book-running managers of the proposed offering will be Barclays Capital Inc. and Deutsche Bank Securities Inc.
In 2009, Wintegra had revenue of $28.6 million, 5% less than in 2008. In 2006, when it previously planned an IPO, revenue was $31.9 million. In the first quarter of this year, revenue was $12.1 million, almost double the figure for the corresponding quarter of 2009. This was thanks to a strategic switch to a focus on mobile backhaul solutions. This solution accounted for 63% of revenue in the first quarter of this year, compared with 39% in the corresponding quarter last year and 21% in the first quarter of 2007.
Wintegra's biggest customer is Alcatel-Lucent, which accounted for 33% of first quarter sales. Second is Tellabs (17%), followed by Cisco (10%), and Ericsson (8%).
The company's largest shareholders are the Magma (13.3%) Concord (16.1%) and Genesis (10.1%) funds, and US chip giants Marvell (5.1%) and Texas Instruments (9.7%). Co-founder, CEO and chairman Jacob (Kobi) Ben-Zvi owns 10.7% (including options). The company employs 159 people.
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010