Cortina Systems, Inc. has filed to come public in an initial public offering.  We do not have financial terms other than that the first filing indicates that the sale will be up to $100 million in common stock.  No exchange nor proposed ticker was provided.  The company is a fabless semiconductor company for high-performance communications chip solutions which enable next generation network connectivity and efficient bandwidth delivery from the core network to the home network.

Intel Corporation (NASDAQ: INTC) is an 11.9% holder via its Intel Atlantic entity.  Other venture owners are Morgenthaler Partners, Canaan Equity, Institutional Venture Partners, DCM, El Dorado Ventures, Storm Semiconductors, and Kodiak Venture Partners.

Its product portfolio includes carrier-class semiconductor devices for optical transport and passive optical network systems, as well as data center connectivity and digital home solutions. The company claims over 800 customers, some of which are Alcatel-Lucent, Cisco Systems, Ericsson AB, Fujitsu Limited, Juniper Networks, Nokia Siemens, ZTE Corporation, and many others.

Cortina had 437 employees as of December 31, 2010.  In the year 2010, its revenue was $141.1 million.  In the same period, it posted a net loss of $10.7 million but turned in a non-GAAP net income figure of $10.9 million.  The company also claims to have been profitable on a non-GAAP basis for the past seven quarters, but it had GAAP losses during those period.

The lead managers were listed as J.P. Morgan and Barclays Capital; other co-managers and members in the syndicate were Needham & Company, Oppenheimer & Co., Piper Jaffray, and Roth Capital Partners.

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-JON C. OGG

Cortina’s FULL SEC FILING is here.

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