LONDON Infinera Inc., the start-up that used a proprietary InP processes to integrate photonic and electronic elements in photonic ICs and which has raised over $330 million in venture capital funding since its founding in 2000, is to raise $150 million through an IPO.
Infinera (Sunnyvale, Calif.) surprised some analysts two years ago when it bypassed component offerings by introducing the DTN transport system for sale to carriers and distributed enterprises.
The company said in a Securities and Exchange Commission (SEC) filing Monday (Feb. 26) it plans to trade on the Nasdaq under ticker symbol INFN, with Goldman Sachs serving as lead underwriter.
Investors in the company include Advanced Equities, Kleiner Perkins Caufield & Byers, Mobius Venture Capital, RWI Ventures, Benchmark Capital, Applied Materials Ventures, Cypress Semiconductor, Sprout Group, Venrock Associates, Worldview Technology Partners, Siebel Systems and Sutter Hill Ventures.
Details, such as the number of shares to be offered and an estimated price range, weren't disclosed in the filing with the SEC.
Infinera said it would use IPO proceeds for working capital and other general corporate purposes. It may also use a portion of the proceeds to repay its credit facilities or to acquire other businesses.
Earlier this month, Infinera acquired a small planar lightwave specialist, Little Optics Inc., from ICX Nomadics, which acquired Little Optics in November 2005.
For the year ended Dec. 31, Infinera lost about $89.1 million, widening from a loss of $64.6 million in 2005.