Infinera files for $150M IPO

By Colleen Taylor -- Electronic News, 2/27/2007

Sunnyvale, Calif.-based photonic IC technology provider Infinera Corp. has filed with the Securities and Exchange Commission (SEC) for an initial public offering of 566 million shares that could raise the company $150 million.

Infinera said it intends to use the net proceeds from the IPO for working capital and other general corporate purposes, including acquisitions and new product development.

The company, which has in the past counted Applied Materials and Cypress Semiconductor as strategic investors, also disclosed stellar sales growth in its latest SEC filing. Infinera posted about $53.5 million in sales for 2006, more than 12 times the $4.1 million in sales it made the previous year. And although the company posted a gross loss for the last year, it seems to be moving quickly toward more profitability. Indeed, Infinera posted a loss for 2006 of $12.6 million, down from the $23.3 million loss it had in 2005.