Fabless semiconductor chip manufacturer Cambridge Silicon Radio (CSR), a 3i, Amadeus and Gilde portfolio company is to seek a listing on the London Stock Exchange through an offer of new and existing shares. CSFB is sole bookrunner and sponsor for the proposed flotation. CSFB and Cazenove have been appointed joint lead managers and will act as joint brokers to CSR.
CSR was spun out of Cambridge Consultants in 1998, when Amadeus Capital Partners helped the founders set up their own business dedicated to the single chip bluetooth solution.
The technology offered by CSR allows manufacturers of mobile phones and other wireless electronic equipment to place both a 2.4 GHz radio and a baseboard processor on the same chip; something not previously possible. CSR had turnover in 2003 of $67.6m and operating profit in Q4 2003 of $3.6m. The company’s chips are used in mobile phones, wireless mobile phone headsets, desktop area networks for keyboards and mice and in automotive applications.
Dr Hermann Hauser, director and co-founder of Amadeus Capital Partners, said: “CSR was one of Amadeus’ early investments when, in April 1999, we, 3i, and Gilde invested in the first round funding in what we believed was a business with an exceptional technology base. That CSR has reached this stage proves yet again that technology start-ups can be born and nurtured into world-class businesses here in the UK.”