21 June 2010


Inphi files for initial public offering

Inphi Corp of Sunnyvale, CA, a fabless provider of high-speed analog ICs for the communications and computing markets (using indium phosphide, gallium arsenide, silicon-germanium or silicon bipolar as well as CMOS), has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined, although a maximum offering price of $115m has been listed.

Founded in late 2000, Inphi originally targeted indium phosphide (InP) chips at 40Gbps networks, but had to retrench after the optical telecoms slump. Inphi now provides ICs such as transimpedence amplifiers, modulator drivers, clock-and-data recovery chips, and serializer/deserializers (SerDes) that operate at critical interfaces within cloud computing environments, addressing the bandwidth, capacity and power issues faced by data centers and 40Gbps/100Gbps networks. The IPO has been spurred by the recent acceleration in interest in the 100Gbps market, as well as Inphi moving into profitability in 2009 (net income of $7.3m on revenue of $59.9m). First-quarter 2010 net income was $12m on revenue of $19.1m.

A copy of the preliminary prospectus will be available from the offering's book-running managers:

Thomas Weisel Partners LLC and Needham & Company LLC are acting as co-managers for the offering.

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