Adesto Technologies, a fabless provider of flash memory chips for OEMs of connected devices, announced terms for its IPO on Monday. The company claims its chips will take advantage of an industry shift toward the Internet of things (IOT).
The Sunnyvale, CA-based company plans to raise $45 million by offering 4.1 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Adesto Technologies would command a fully diluted market value of $170 million.
While the third quarter had only one tech IPO, Adesto's launch has put a second on the IPO calendar for the fourth quarter, after the $425 million offering from enterprise flash storage provider Pure Storage (PSTG) during the week ahead. In mid-September, rival Atmel (Nasdaq: ATML) announced that it would be acquired by Dialog Semiconductor for $4.6 billion.
Adesto Technologies, which was founded in 2006 and booked $41 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol IOTS. Needham & Co. and Oppenheimer & Co. are the joint bookrunners on the deal. It is expected to price during the week of October 12, 2015.
