Intel-backed chipmaker Altera submits SEC paperwork for initial public offering

Investing.com -- Altera Corporation has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering. The San Jose-based programmable chipmaker has not yet determined the number of common shares to be offered or the price range, with the timing remaining subject to regulatory review and prevailing market conditions.

The move initiates a fast-track return to public markets just one year after parent company Intel Corporation (NASDAQ: INTC) carved out the unit, selling a 51% controlling stake to private equity firm Silver Lake in a transaction that valued Altera at $8.75 billion. Middle Eastern state fund MGX subsequently joined as a co-investor, while Intel retained a 49% minority holding to preserve upside from the business.

For Intel, the listing advances a broader corporate restructuring focused on shoring up liquidity and shedding non-core assets to fund its foundry turnaround. Intel originally acquired Altera in 2015 for approximately $16.7 billion, but later reversed course to grant the business operational autonomy amid rising capital demands across its core CPU and semiconductor manufacturing units.

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