Sonics Files for $80M IPO

August 27, 2007 - Sonics, Inc.(www.sonicsinc.com), which develops “systems on a chip” architecture used by Broadcom, Toshiba, Texas Instruments and others, has filed for an $80 million initial public offering.

The Mountain View, California-based company’s Securities and Exchange Commission filing said it plans to use the proceeds to extend its research and development and for possible acquisitions.

Sonics’ largest stakeholders include an array of its venture capital backers. They include: Taipei, Taiwan-based InveStar Capital, owner of a 16.3 percent pre-IPO stake; Wayne, Pennsylvania-based TL Ventures (12.3 percent); Los Angeles-based Smart Technology Ventures (11.4 percent), and New York-based Easton Hunt Capital Partners (8.4 percent). Japanese electronics giant Toshiba also has been an investor. UBS Securities is the leader of an underwriting syndicate that includes Cowen and Company and ThinkEquity Partners.

Sonics, which competes against companies like ARM and Synopsys as well as the design groups of semiconductor companies, plans to list its stock under the symbol “SNCS” on the Nasdaq National Market. In fiscal 2007 ended March 31, Sonics posted a net loss attributable to common shareholders of $4.9 million, or $1.53 per share, on revenue of $16.3 million. For the quarter ended June 30, however, the company turned a profit of $904,000, or $.23 per share, on revenue of $4.3 million.