LONDON A little-known fabless chip company that provides the silicon and software platform for the Apple iPOD has registered for an initial public offering of shares on the Nasdaq market in hopes of raise $75 million.
PortalPlayer Inc. (Santa Clara, Calif.) is the power behind the iPod. As a result, PortalPlayer has so far let the success of the personal music player speak for itself in the consumer electronics market. The company also provides its platform to Aiwa, Philips and Samsung.
The S-1 form filed with U.S. Securities & Exchange Commission disclosed that PortalPlayer recorded a net loss of about $8 million on sales of $20.9 million in 2003. In 2004, the company is operating at twice the run-rate. It has so far recorded a net loss of $3.3 million on sales revenue of $22.2 million in the first half of 2004.
The filing also revealed that
PortalPlayer has raised more than $84.8 million since June 1, 1999, with the most recent capital injection totaling $30.1 million, raised on March 5, 2004. As of June 30, PortalPlayer had only about $8.8 million remaining, according to the S-1 form.