SUNNYDALE, Calif. – PLX Technology Inc., a producer and supplier of semiconductor devices and software to aid in the transfer of information to computers, held an initial public offering April 5. The company offered 3.3 million shares at $9 apiece, slightly above the company’s $8 filing price.
Venture backers include Associated Venture Investors and Draper Fisher Jurvetson. There were no selling shareholders.
Merrill Lynch & Co., NationsBanc Montgomery Securities L.L.C. and Wit Capital Corp. were underwriters.
PLX, founded in May 1986, offers solutions that simplify the development of data transfer circuits in embedded or internal computer systems by using semiconductor devices, software development and hardware design kits. PLX relies on sales of development and hardware design kits to promote sales of its semiconductor devices.
The offering left 21.6 million shares of common stock outstanding, and the $37.6 million in proceeds will be used for general corporate purposes.
Timothy Draper, managing director of Draper Fisher Jurvetson, has been a director since the company’s inception. Eugene Flath, general partner of Associated Venture Investors, became a director in May 1989.
PLX Technologies – Selected Financial
(in thousands, except per share data )
Year Ended December 31,
1994 1995 1996 1997 1998
Net revenue 4,043 9,316 9,813 17,534 26,276
Net income 71 1,049 891 1,924 2,766
Net income per share* 0.16