Fiberxon Eyes IPO
"We absolutely have plans (for an IPO), but I can't give a timeframe right now," says Mike Bernatzki, Fiberxon director of sales for North America.
The company has been talking this way for a while, according to one source from the financial community who requested anonymity. "That's what they've been waving around: They say they want to go public in the U.S." [Ed. note: Don't wave it around here, please!]
An initial public offering doesn't appear imminent, as Fiberxon just finished raising a second round of funding. The $10 million round is the first money Fiberxon has taken from venture capitalists, with Jafco Asia leading the round (see Fiberxon Closes $10M Round). Fiberxon's first funding came from private sources, and its largest investor is UTStarcom Inc. (Nasdaq: UTSI), a customer.
Fiberxon officials say their company has been profitable for six quarters, with revenues of $15 million last year and $30 million expected this year (see OFC Show Wrap: L.A. Fusion).
The company was founded in December 2000 to sell optical modules, mostly in the gigabit interface converter (GBIC) and small-form pluggable (SFP) formats. The new funding will fuel the next wave of products, including 4- and 10-Gbit/s modules for the Fibre Channel market.
Most of its 150 employees are in China, but Fiberxon considers itself a U.S. company. The firm is incorporated in the United States, with headquarters in Santa Clara, Calif., and officials stress that they're concentrating on winning over U.S. customers.
"We're the dominant player [from] China, but in the past year, we've been in qualifications with OEMs in the U.S.," Bernatzki told Light Reading at the OFC Conference in February. Fiberxon hopes to announce some of those names in the next few months.
If all goes according to plan, 30 to 40 percent of Fiberxon's $30 million revenues this year would be drawn from China, with a like amount coming from the U.S., Bernatzki says.
— Craig Matsumoto, Senior Editor, Light Reading