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Semiconductors - Friday, July 13, 2007

Broadband Over Powerlines Chip Maker Intellon Files $100M IPO

Ocala, FL-based chi maker Intellon filed today for a $100M IPO. Founded in 1989, Intellon designs and sells chips for broadband communications over existing electrical wiring to enable home connectivity in sharing and moving of content among personal computers and other consumer electronics products. These chips allow consumers to share downloaded video content from a PC with a TV in another room. Goldman Sachs, Deutsche Bank, Jefferies & Co., and Piper Jaffray are underwriting the IPO. Intellon intends to list its stock on the Nasdaq under the symbol "ITLN."

As of June 1, 2007, Intellon says it has shipped more than 16M powerline communications chips, led by over 10M HomePlug-based chips. It shipped over 5.3M powerline communications chips in 2006, an 87% increase over 2005 shipments of 2.9M.

Revenue grew to $33.7M for 2006 from $16.6 M for 2005 and to $9.7< for the three months ended March 31, 2007 from $7.3M for the three months ended March 31, 2006.

Its primary powerline competitors include Afa Technologies, Inc., Arkados, Conexant Systems and Maxim Integrated Products. Intellon also lists four key customers who comprise the lion-share of its business.

Intelleon has many shareholders but they are led by BCE, Comcast Interactive Capital, EnerTech Capital, Fidelity, Goldman Sachs, and UMC Capital.

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