CUPERTINO, Calif. – Silicon Image Inc., a semiconductor technology company, went public October 6, offering 3.9 million shares at $12 apiece. The stock priced at the top of its $10 to $12 filing range.
Credit Suisse First Boston, BancBoston Robertson Stephens and Dain Rauscher Wessels underwrote the offering, which left 25.1 million shares outstanding.
August Capital L.P., Intel Corp. and InveStar Capital Inc. were venture backers. There were no selling shareholders.
The company’s semiconductor technology lets PCs, set top boxes and DVD players transmit high-speed digital video data. Silicon Image is focused mainly on the display market but also is designing networking and storage applications.
Silicon Image will use the expected $41.9 million in proceeds generated from the IPO for general corporate purposes, including working capital, capital expenditures, and to repay debt.
Silicon Image has never been profitable, losing $4 million in 1997 and $6.6 million in 1998.
Andrew Rappaport, a partner at August Capital, joined the company’s board of directors in June 1997, followed by Herbert Chang, president at InveStar Capital, in July 1998.
Silicon Image – Selected Financial
(in thousands, except per share data)
Year Ended December 31, Six Months Ended June 30,
1995 1996 1997 1998 1998 1999
Total revenue 30 1,280 7,703 2,652 7,706
Net loss -178 -1,944 -4,036 -6,622 -3,103 -3,909
Net loss per share -0.51 -0.98 -1.14 -1.39 -0.72 -0.73