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Avago plans to file for IPO

Posted: 25 Aug 2008     Print Version  Bookmark and Share

Keywords:initial public offering  "AVGO"  chip unit  ordinary shares 

Avago Technologies Ltd, the chip spin-off of Agilent Technologies Inc., plans to file for an initial public offering (IPO) in the United States. According to reports, the IPO is valued at some Rs.1,000.00 crore ($400 million).

Avago has applied for quotation of its ordinary shares on Nasdaq under the symbol ''AVGO.'' The company is a supplier of digital, analogue and other devices. Applications are geared for four primary target markets: industrial and automotive electronics, wired infrastructure, wireless communications, and consumer and computing peripherals.

For some 30 years, the company was the chip unit of Hewlett-Packard Co. Then, several years ago, HP spun-out its ATE and chip units into a company called Agilent Technologies.

Then, in late 2005, the chip unit was acquired by private-equity firms KKR and Silver Lake Partners. The operation became an independent company called Avago

Avago's customers include Cisco, HP, IBM, LG Electronics, Logitech, Motorola, Samsung and Sony Ericsson Mobile Communications.

For the twelve months ended Oct. 31, 2007, Avago generated net revenues from continuing operations of Rs.6,544.49 crore ($1.527 billion), according to a filing with the U.S. Securities and Exchange Commission (SEC). In 2006, it had sales of Rs.5,995.90 crore ($1.399 billion), according to the filing.

Avago also had a loss of Rs.972.89 crore ($227 million) in 2006 and a deficit of Rs.681.45 crore ($159 million) in 2006.

For the six-month period ended May 4, it had sales of Rs.3,484.39 crore ($813 million) and a profit of Rs.90.00 crore ($21 million). In the like period a year ago, it had sales of Rs.3,235.81 crore ($755 million) and a profit of Rs.42.86 crore ($10 million).

- Mark LaPedus
EE Times





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