LED maker Avago Technologies Ltd. files for IPO

Sept. 2, 2008
Avago Technologies Ltd. filed for an initial public offering (IPO) in the United States at some $400 million, according to the SEC filing.
On August 21, 2008, Avago Technologies Ltd., headquarted in Singapore, filed for an IPO with the US Securities and Exchange Commission. The high-tech firm plans to issue an IPO of up to $400 million in ordinary shares, according to the filing.

Avago plans to trade on the Nasdaq under the symbol "AVGO." It gave no expected share price.

Avago Technologies began as part of Hewlett-Packard in 1961. When HP spun off Agilent Technologies in 1999, what is now Avago became Agilent's semiconductor products group.

Kohlberg Kravis Roberts and Co. and Silver Lake Partners acquired the semiconductor group in December 2005 and took it private - see Agilent semiconductors group becomes Avago.

Avago's customers include Mitsubishi Electric, Siemens, Cisco, HP, IBM, LG Electronics, Logitech, Motorola, Samsung and Sony Ericsson Mobile Communications.

For the twelve months ended Oct. 31, 2007, Avago generated net revenues from continuing operations of $1.527 billion, and in 2006, it had sales of $1.399 billion, according to the filing.

Avago's key products include high brightness and high power LEDs, PLCC surface-mount LEDs, color sensors, and display backlighting module solutions. These LEDs and display modules address a wide range of markets, including electronic signs and signals, automotive, solid state lighting and LCD display backlighting.