Tech IPOs have been picking up lately and one lesser-known semiconductor company, Aquantia, made its debut on the New York Stock Exchange today.
The company raised $61 million in its offering, after pricing shares at $9.00. It closed the day of trading at $9.51.
The San Jose, California-based company describes itself as “a leader in the design, development and marketing of advanced high-speed communications integrated circuits, or ICs, for Ethernet connectivity in the data center, enterprise infrastructure and access markets.”
Revenue for last year was $86.7 million. This compares to $80.8 million the year before. Losses for last year were just $445,000, down from about 10 million in 2015.
Intel and Cisco are its largest customers. Competitors include Broadcom and Marvell.
Aquantia had received at least $185 million in funding prior to its IPO since it was founded in 2004. This includes investments from well-known names like Cisco, New Enterprise Associates, Lightspeed Venture Partners and Greylock Partners.