Altera, backed by Intel and Silver Lake, confidentially files for a US initial public offering, aiming to solidify its position as the largest pure-play FPGA supplier in a move that could bolster Intel’s broader liquidity and restructuring strategies.
Altera, the San Jose-based programmable chipmaker backed by Intel and Silver Lake, has confidentially filed papers for a US initial public offering, according to reports citing its submission to the Securities and Exchange Commission. The company has not yet set the number of shares it plans to sell or the price range, and any flotation would depend on regulatory review and market conditions.
The filing comes after Intel sold a 51% controlling stake in Altera to Silver Lake, valuing the business at $8.75bn, while keeping a 49% holding. Intel bought Altera in 2015 for about $16.7bn, but the unit later gained greater operational independence as Intel came under pressure to direct capital towards its core semiconductor and foundry operations.
If Altera does go public, it would become the largest pure-play supplier of field-programmable gate arrays, or FPGAs, a class of chips used in artificial intelligence systems, industrial automation, robotics, telecommunications and defence applications. Bloomberg reported that the company has filed confidentially, while other reports said the listing could help support Intel’s broader restructuring and liquidity strategy.
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