BCD Semi Backs Away From IPO
Filed in archive Venture Capital by Greg Cruey on February 16, 2008
Tech Confidential reported last week that Shanghai-based BCD Semiconductor had decided not to offer an IPO in the US in the near future.
BCD had asked the U.S. Securities and Exchange Commission on February 7 to accelerate its IPO listing. But less than a week later the company withdrew its request "due to market conditions," according to company correspondence with the SEC.
Many analysts see the withdrawal
of the BCD IPO as an indicator of the weakening market in Chinese tech stocks. That has implications for venture capital funds around the world. BCD has three venture capital backers: Core Asia Capital Ltd. owns about 23% of BCD, Venrock Associates owns just over 7%, and New Enterprise Associates owns another 7%.
The EE Times estimated that the BCD IPO could have raised about $76 million, before costs.
BCD had asked the U.S. Securities and Exchange Commission on February 7 to accelerate its IPO listing. But less than a week later the company withdrew its request "due to market conditions," according to company correspondence with the SEC.
Many analysts see the withdrawal
of the BCD IPO as an indicator of the weakening market in Chinese tech stocks. That has implications for venture capital funds around the world. BCD has three venture capital backers: Core Asia Capital Ltd. owns about 23% of BCD, Venrock Associates owns just over 7%, and New Enterprise Associates owns another 7%. The EE Times estimated that the BCD IPO could have raised about $76 million, before costs.
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