Broadband communications chip maker MaxLinear has filed to go public in another indicator that the good times are back for tech stocks and exits.
Carlsbad, Calif.-based MaxLinear makes analog or mixed-signal radio chips that can be manufactured in standard chip factories. The chips enable devices to display broadband video. The chips are used in a wide array of electronic gear: cable and terrestrial set-top boxes, digital TVs, cell phones, PCs, netbooks and car entertainment systems. The company has more than 35 customers, including Panasonic, Murata, Alps Electric and Sony.
MaxLinear was founded in 2003. Since shipping its first products in 2006, the company has shipped more than 65 million radio chips. For the nine months ended Sept. 30, revenues were $36.1 million, up from $23.6 million a year earlier. Net income was $2.4 million for the period, compared to a loss of $1.1 million a year earlier.
The market for radio frequency, digital signal processors and analog chips used in set-top boxes, mobile phones, autos and TVs was $7.6 billion, according to market researcher iSuppli.
Morgan Stanley and Deutsche Bank Securities are handling the offering. Co-managers include UBS Securities, Thomas Weisel Partners and Needham & Co. It's good to see a chip company filing to go public. It often takes so much investment these days that chip makers have a hard time finding venture capital funding.