Consortium completes IPO of Sequans

The company's shares began trading on the NYSE on 15 April and were priced at $10 each, below its initial $11-13 range. The share price gave the company a market capitalisation of $365m. This is the first French company to list on the NYSE since 2002.

Previous funding
In June 2004, the company attracted a €1.5m first round of funding from Cap Décisif and iSource. This was followed by an oversubscribed €7m series-B round in early 2005. Investors in the funding round included Add Partners, Vision Capital, Cap Décisif and iSource.

Kennet Venture Partners became an investor in the company in July 2006 when it led a €17m financing round alongside all the existing investors. A fourth funding round was completed in 2008 when Reliance Technology Ventures Limited, the corporate venture capital arm Reliance ADA Group of India, CDC Enterprises and Swisscom invested €19m.

The company has grown from generating revenue of $6m in 2006 to more than $68m in 2010.

Company
Sequans Communications is a 4G chipmaker, supplying LTE and WiMAX chips to equipment manufacturers worldwide. Established in 2003, the company is headquartered in Paris and has offices in countries such as the US, the UK, Israel, Hong Kong, Singapore, Taiwan and China.

People
Georges Karam is CEO of Sequans Communications.

Advisers
Vendor – UBS (Joint bookrunner); Jefferies & Co. (Joint bookrunner).

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