Ikanos files for IPO of up to $85M of stock

By SiliconIndia   |   Tuesday, 29 June 2004, 07:00 Hrs
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FREMONT: Broadband silicon chipset firm Ikanos Communications filed an initial public offering Friday to sell up to $85 million in common stock, according to a Form S-1 with the Securities and Exchange Commission.

Details about the number of shares offered and the price of the IPO weren't disclosed in the filing.

Ikanos said investors have put about $115 million into the company, at an average price of 58 cents a share. Sequoia Capital and Walden International are its largest shareholders, with 15.1% and 12.9%, respectively. Greylock has a 10.5% stake, while Telesoft Partners has a 10.4% stake.

Ikanos has experienced losses in each quarter since inception, and had an accumulated deficit totaling $85.8 million as of March 31. The company reported revenue of $29 million in 2003, more than seven times 2002 revenue of $4.1 million. However, its loss widened over the same period, to $29.9 million from $20.5 million.

Ikanos closed its most recent round of funding in May, saying it was postponing profitability in order to grow. The company said at the time it plans to hit break-even in the second half of 2004.

Ikanos plans to use proceeds from the offering for general corporate purposes, including working capital and capital expenditures, and potential investments and acquisitions.

The company develops and provides programmable semiconductor technoloy that enables fiber-fast broadband connectivity over telephone companies' existing copper lines.

Citigroup Global Markets Inc., Lehman Brothers Inc., UBS Securities LLC, and Wachovia Capital Markets LLC were listed as underwriters.

Ikanos plans to list its common stock on the Nasdaq under the symbol IKAN. Rajesh Vashist is the President and Chief Executive Officer of Ikanos.

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