IPO Watch: Inphi Takes the Public Plunge - TheStreet

IPO Watch: Inphi Takes the Public Plunge

Semiconductor specialist Inphi is the latest tech company to file for IPO, and hopes to raise $115 million by taking the public plunge.
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SUNNYVALE, Calif. (

TheStreet

) -- Semiconductor specialist

Inphi

is the latest

tech company

to file for IPO, and it hopes to raise up to $115 million by taking the public plunge.

Inphi, which competes with

LSI

(LSI) - Get Report

,

Vitesse Semiconductor

and

Applied Micro Corporation

(AMCC)

, filed its S-1 with the

SEC

on Wednesday.

The semi firm supplies chips to a slew of tech heavyweights, including

Hewlett-Packard

(HPQ) - Get Report

,

Dell

(DELL) - Get Report

,

EMC

(EMC)

,

Cisco

(CSCO) - Get Report

and

Oracle

(ORCL) - Get Report

.

Inphi's total revenue for 2009 was $58.9 million, up from $43 million in the prior year. 2009 was also Inphi's first profitable year, although only the last three quarters of the year were profitable, according to the company's S-1 filing. The vast majority of Inphi's pre-tax income was generated in the last two quarters of the year, it said.

The firm's total accumulated deficit at the end of March 2010 was $48.8 million. In its SEC filing, Inphi explained that it plans to list on the New York Stock Exchange under the symbol 'IPHI'.

The IPO market, however, remains tough, thanks to the ongoing impact of Europe's debt woes.

Bloomberg

reports that at least 34 companies worldwide have postponed or withdrawn their IPOs since the start of last month.

Nonetheless, some tech firms are pushing ahead with their public offerings. Earlier this week telecom software maker

BroadSoft

(BSFT)

raised $67.5 million in its IPO, although this was at the low end of its projected range.

-- Reported by James Rogers in New York

See Also:

>>IBM Finally Going for Smartphones

>>AT&T Buddies Up With Big Business

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