GSI Technology has filed to come public via an IPO of some $57.5 million worth of stock, although terms have not been set. The joint book-runners are Needham and W.R.Hambrecht; and others in the underwriting are R.W.Baird and Stanford Group. The proposed ticker on NASDAQ is "GSIT."
GSI is a provider of high speed static random access memory (SRAM) used primarily in high-performance networking and telecommunications equipment, such as routers, switches, wide area network infrastructure equipment, wireless base stations and network access equipment; and the company operates in the "very fast" segment of operating in less than 10 nanoseconds. The company is fabless and uses Taiwan Semi as its OEM and claims to work with Cisco, Huawei, and Nortel. It was incorporated as Giga Semiconductors in 1995 and changed the name in 2003.
2006 and 2007 may be a transitionary period away from older products and into newer ones, because its revenues in 2005 were higher than 2006. The 2005 revenues were $45.7 million and net income after tax was $4.78 million; with 2006 revenues of $43.1 million and income aftertaxes of almost $4.25 million.
The company did file to come public back in 2004, but later withdrew the IPO filing. As this gets closer we’ll follow up on more.
Jon C. Ogg
January 10, 2007
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