Huawei’s venture capital arm Hubble Technologies is in line for an exit less than nine months after it invested in fabless semiconductor maker 3Peak.
3Peak, a China-based fabless semiconductor manufacturer backed by telecommunications equipment producer Huawei, is targeting RMB2.31bn ($339m) in its initial public offering, DealStreetAsia reported today.
The company will issue 20 million shares on the Shanghai Stock Exchange’s Star Market priced at $16.93 each.
Founded in 2012, 3Peak produces chips such as audio line drivers – which connect a music system to amplified speakers – for consumer applications such as television set top boxes.
The company also manufactures integrated circuit products for industrial control systems, medical equipment, automotive electronics and communication systems. Proceeds from the offering will be allocated to product development, research activities and working capital.
Hubble Technologies, a venture capital vehicle set up by Huawei, paid $10.2m for an 8% stake in 3Peak in July 2019 that is set to be diluted to 6% in the offering.
Other 3Peak investors include Oriza Hua, Sunic Capital, Hua Ventures and Shenzhen Huiyou Investment, all of which contributed to a round of undisclosed size for the company in January 2019. Oriza Hua will hold a 1.5% stake following the IPO.
The company’s largest shareholder is semiconductor-focused investment fund Hoaxin Venture Partners, which will emerge with an 18.6% stake once the offering has been closed.
