Voltaire Ltd. has filed a Registration Statement (Form F-1) with the US Securities and Exchange Commission (SEC) for an IPO on Nasdaq. The offering will include an offer for sale. The IPO will be held by early August at the latest. If successful, the company will be traded under the ticker “VOLT”.
The company will offer 5.8 million shares at $12-14 per share, and shareholders will offer an additional 1.9 million shares. The company plans to raise $69.6-81.2 million, while the shareholders will make $22.8-26.6 million. The company value for the offering will be $300-350 million, after money. The underwriters are JP Morgan, Merrill Lynch & Co., CIBC Capital Markets, and Thomas Weisel Partners LLC. The underwriters have a 30-day green shoe option to buy an additional 865,000 shares and 288,000 shares from the shareholders.
Voltaire’s executives plan to launch the company’s road show in the US and Europe later this week.
Voltaire was founded in 1997, and designs and develops server and storage switching and software solutions for high-performance grid computing within the data center based on the InfiniBand architecture as well as grid management software. The system is called Voltaire Grid Backbone.
In the prospectus, Voltaire said that it had $15.4 million revenue in 2005, $30.4 million in 2006 and $8.6 million in the first quarter of 2007. Three OEMs accounted for 58% of revenue in 2005, 63% of revenue in 2006 and 67% of our revenues the first quarter. Net losses totaled $10 million in 2005, $8.8 million in 2006 and $3million the first quarter. The company has 150 employees.
Voltaire’s largest shareholder is Pitango Venture Capital and the second largest is Vertex Venture Capital. Other shareholders include Baker Capital, Concord Ventures, Tamir Fishman Venture Capital (TASE: TFVC), Platinum Neurone Ventures, and Hitachi Corporate Venture Catalyst Fund. The company has raised $64 million to date.
Published by Globes [online], Israel business news - www.globes.co.il - on July 11, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007