Chipmaker Sequans is mulling an IPO on the New York Stock Exchange for $75-$80 million, according to Reuters, which cited four people familiar with the matter. The Paris-based company got its start in WiMAX chipsets but last year branched into LTE chips when that sector started gaining traction.
Reuters' sources also said that at least two major investment banks have declined the company's IPO pitch, indicating it may be too early to bring Sequans to the public markets. Sequans representatives did not immediately respond to requests for comment.
Sequans' chips are used in products from firms such as Cisco Systems and Huawei. Sequans is backed by Alcatel-Lucent, Motorola and Swisscom AG and investment firms such as Add Partners, CapDecisif, I-Source Gestion, Kennet, Serena Capital and Vision Capital.
Last month Broadcom announced it would acquire Sequans competitor Beceem Communications for $316 million. The deal, which is expected to close by the end of March, is expected to strengthen Broadcom's position in 4G chips.
For more:
- see this Reuters article
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