Cambridge Silicon set for £200m flotation
Three founders of Cambridge Silicon Radio, the wireless technology group, will see their combined shareholdings in the business valued at about £20m when the company floats before the end of March.
The company yesterday confirmed its long-held plans to seek a stock market listing, expected to value CSR at about £200m. James Collier, Glenn Collinson and Phil O'Donovan together hold 9 per cent of the company while other founding employees hold a further 6 per cent.
CSR is a leader in the design and supply of the circuits used in a wide range of electronic equipment to support wireless communication between devices such as PCs and mobile phones. The technology overcomes the need for cable connections and allows devices to synchronise blocks of data such as diaries or calendars.
The company was formed in April 1999 at the height of the technology boom but has had to delay previous float plans. It now believes it can take advantage of a stronger appetite for technology floats among institutional investors.
The stock market listing will be an offer to institutions of new and existing shares but the company said it had yet to decide what the split would be.
The float is being handled by Credit Suisse First Boston, which has also been appointed as the company's joint broker with Cazenove.
The company's turnover in 2003 was $67.6m (£37.1m) and it achieved an operating profit of $3.6m in the third quarter. It has 198 employees.
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