ZICHRON YAACOV, Israel After scaling back its expectations during a market downturn, communications chip developer Wintegra Inc. will launch its IPO on Tuesday (June 27).
Wintegra's single-chip Winpath processor targets communications equipment vendors, enabling them to migrate from legacy to IP networks.
The Israeli company will float shares at $12 million to $14 million. It is attempting to raise $65 million at a company valuation of $290 million. Goldman Sachs, JPMorgan Chase, CIBC World Markets and Thomas Weisel Partners are the underwriters. Wintegra estimated it will book more than $30 million in revenues this year.
Since it was founded in 2000, Wintegra has raised $42 million in venture financing.
In addition to a consortium of Israeli venture funds, Wintegra investors include the China Development Industrial Bank and PMC-Sierra. It's two major shareholders are Texas Instruments (a 10.2 percent stake) and Marvell Israel (5.4 percent).