VC-Backed Telegent Systems Cancels IPO

Telegent Systems Inc., a Sunnyvale, Calif.-based provider of mobile TV solutions, has withdrawn registration for a $230 million IPO. In its filing with the SEC, Telegent said:

“The initial public offering would have been a discretionary financing for the Registrant. The benefits of being publicly traded are not sufficiently attractive to the Registrant to warrant proceeding with the public offering.”

It had planned to trade on the Nasdaq under ticker symbol TLG, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.

Telegent reported $111 million in revenue for the six months ending Sept. 30, with $39 million in net income. It has raised around $50 million in VC funding since 2000, from firms like New Enterprise Associates (24% pre-IPO stake), Walden International (24%), Index Ventures (12.8%) and Northern Light Venture Capital.