Silver Lake, Intel-backed Altera confidentially files for US IPO
Tweet
Share
E-mail
FILE PHOTO: Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo
Sept 15 (Reuters) - Chipmaker Altera said on Tuesday it has confidentially filed for a U.S. initial public offering, making the Silver Lake- and Intel-backed company the latest semiconductor firm seeking to tap investor appetite for AI-related businesses.
San Jose, California-based Altera makes programmable chips used in data centers, telecommunications networks, industrial equipment, AI applications and aerospace and defense systems.
Reuters had reported last week that the firm was preparing for an offering that could raise over $2 billion as early as this year, citing people familiar with the matter.
At that size, Altera's offering would mark one of the largest semiconductor listings since chip designer Arm Holdings raised $5 billion in 2023 and peer Cerebras raised $5.55 billion in May.
South Korean chipmaker SK Hynix received over $26 billion in proceeds from its U.S. listing in July. Other AI-related firms such as data center developer SB Energy have also sought to tap investor demand through IPOs.
The U.S. IPO market is picking up steam after a brief summer lull as the traditionally busy fall season gets underway. High-profile listings, including SpaceX's $75 billion offering, and the anticipated IPO of Anthropic have added momentum to deal pipelines.
Total proceeds have surpassed $145 billion this year, according to data from Renaissance Capital, a provider of IPO-focused research and ETFs.
Altera, which Intel bought for about $16.7 billion in 2015, became fully standalone last September after Silver Lake acquired a 51% stake for $4.46 billion in a deal that valued it at $8.75 billion. Intel retains a 49% stake.
The firm's CEO, Raghib Hussain, told Reuters in a July interview that Altera was expecting growth in the mid-20% range this year.
Confidential filings allow companies to keep their finances under wraps until closer to the listing.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Sahal Muhammed)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AI chip sell-off overblown: Zero GPU slowdown after Anthropic essay, analyst says
- Euro zone current account surplus narrows in July
- China set to keep loan rates steady for 16th consecutive month in September
Create E-mail Alert Related Categories
ReutersRelated Entities
IPOSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
