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Corsair Gaming, Inc. Launches Initial Public Offering

Corsair Gaming, Inc. ("Corsair"), a leading global provider and innovator of high-performance gear for gamers and content creators, announced today that it has commenced an initial public offering of 14,000,000 shares of its common stock, approximately 7,500,000 of which are being offered by Corsair and approximately 6,500,000 of which are being offered by a selling stockholder. In connection with the offering, the underwriters will also have a 30-day option to purchase up to an additional 2,100,000 shares of common stock from the selling stockholder. The initial public offering price is estimated to be between $16.00 and $18.00 per share. Corsair has applied to list its common stock on the Nasdaq Global Market under the ticker symbol "CRSR." The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.

Goldman Sachs & Co. LLC, Barclays and Credit Suisse are serving as lead book-running managers and as representatives of the underwriters for the proposed offering. Macquarie Capital, Baird, Cowen and Stifel are also acting as book-running managers for the proposed offering. Wedbush Securities and Academy Securities are acting as co-managers for the proposed offering.

Kioxia Prepares for Initial Public Offering in Japan

Kioxia, previously Toshiba Memory Holdings has recently announced plans for an initial public offering on the Tokyo stock exchange in October with a projected market capitalization of 19 billion USD. Kioxia is the world's second-largest manufacturer of NAND flash memory behind Samsung Electronics, the company has experienced heavy losses in recent years recording a loss of 1.6 billion USD in the previous financial year. The company is currently owned by Toshiba with a 40% stake with the rest being held by a consortium of US, Japanese, and South Korean investors. The funds raised will be directed towards growth investments and investor rewards.

Corsair Files For $100 Million Initial Public Offering

Corsair Gaming was founded as Corsair Microsystems in 1994 originally selling cache modules before switching to DRAM after the incorporation of L2 cache in processors, since then Corsair has continued to expand its product lineup now offering a wide range of PC components and peripherals. In 2017 private equity firm EagleTree Capital acquired a majority stake of the company in a deal valued at $525 million. In recent years Corsair has been acquiring various gaming brands such as Elgato, ORIGIN PC, and SCUF Gaming, these acquisitions have likely left the company with significant loans to repay.

Corsair Gaming has recently filed an initial public offering with a target price of $100 million and will be treated as an emerging growth company. The company intends to list on the Nasdaq under the CRSR symbol. The IPO filing offers some insight into the financial position of Corsair however, many exact dollar values have been withheld in the public filing. Corsair Gaming has sold over 190 million products since 1998 with 85 million of those being sold in the last five years.

Arm Co-Founder Doesn't Think NVIDIA Owning the Company Would be in Its Best Interests

Arm co-founder Hermann Hauser recently gave an interview to BBC where he expressed some concerns regarding the prospective buy acquisition from NVIDIA, which has been in talks with Arm owner Softbank towards the IP-designer's acquisition. As Hauser puts it, "It's one of the fundamental assumptions of the ARM business model that it can sell to everybody," Hauser told BCC, "The one saving grace about Softbank was that it wasn't a chip company, and retained ARM neutrality. If it becomes part of Nvidia, most of the licensees are competitors of Nvidia, and will of course then look for an alternative to ARM."

Hauser doesn't think the NVIDIA deal will follow through due to these aspects of the chip design ecosystem, with many Arm clients - such as Intel, Apple, Qualcomm, TSMC, Samsung, among others - being direct or otherwise indirect competitors to NVIDIA. Hauser thinks that Arm would be much better served through a British government intervention in bringing the company back towards the British fold: "The great opportunity that the cash needs of Softbank presents is to bring ARM back home and take it public, with the support of the British government." The Softbank acquisition occurred back in 2016 and cost the company some $24 billion; however, recent estimates from New Street Research LLP placed Arm's valuation at USD $44 billion if its IPO took off in 2021, and as much as $68 billion by 2025.

NVIDIA in Advanced Talks to Acquire Arm from SoftBank

It was reported last week that NVIDIA is "interested" in acquiring UK chip-design firm Arm from Japan's SoftBank that holds a treasure chest of tech IP. Now Bloomberg reports that things are getting serious between NVIDIA and SoftBank, with the two reportedly engaged in "advanced talks" over the possible acquisition of Arm by NVIDIA. The graphics and scalar compute giant recently surpassed Intel in market capitalization.

With a few quick moves, NVIDIA stands a real chance of displacing Intel as makers of the world's most popular CPU machine architecture, driven mainly by smartphones, tablets, networking infrastructure, wearables, and IoT devices. The Arm architecture is also taking strides into the server space, and Apple recently decided to dump Intel x86 in favor of Arm-powered homebrew SoCs. Arm could cost NVIDIA an arm and a leg. New Street Research LLP estimated Arm's valuation at USD $44 billion if its IPO took off in 2021, and as much as $68 billion by 2025.

SoftBank Reportedly Considering Selling Arm Holdings

According to the report from The Wall Street Journal, we have obtained information that SoftBank, owner of Arm Holdings, is considering a future of Arm Holdings without SoftBank's ownership. The report is indicating that SoftBank can either sell its subsidiary or make it go to public with Initial Public Offering (IPO). If we recall, SoftBank has purchased Arm Holdings in 2016 for 32 billion USD, and the company is potentially worth much more today. Arm Holdings was established as a joint between Acorn Computers, Apple Computer (now Apple Inc.), and VLSI Technology. The news of SoftBank selling Arm Holdings is coming just after Apple decided to make a Mac based on Arm ISA.

The report from WSJ says that the market interest for such acquisition is unknown, so there is a big possibility that SoftBank will ultimately do nothing and just keep the company. My speculations could be that Apple may have an interest in the company since it is using its royalties and intellectual property. If such a thing happens Apple would be forced to sign a deal by antitrust regulators that force the company to continue offering to license the ISA. After all, Apple was one of the founding members of the joint venture. The possibility of that is of course very low. If another option such as IPO happens, the company would still be in ownership of SoftBank, it would just go to the public trading market.

GlobalFoundries to Go Public in 2022

GlobalFoundries is planning to sell a minority stake in the company through an IPO (initial public offering) in 2022, company CEO Tom Caulfield told the Wall Street Journal. In February, it was reported that with the discontinuation of the 7 nm development and sale of certain facilities, the perception was made that GloFo was looking to be acquired by another semiconductor company. The same course of actions could have also served as prelude to taking the company public, and as it turns out, GloFo is heading toward the latter.

TimesUnion comments that the decision to discontinue 7 nm development and shedding some assets slowed down development of future technologies, but returned the company to profitability, so it could be put up for an IPO. Caulfield didn't comment on what is the size of the stake sale, but the source comments it could be aimed at alleviating the strain on GloFo's original investors, the Abu Dhabi government, which has invested over $21 billion in the company over the past 10 years. GlobalFoundries was formed as AMD spun off its semiconductor business in 2009, with seed capital from the Abu Dhabi government. Over the decade, the company built fabs in New York state, and acquired fabs across Vermont, and Singapore, along with tech acquisition from IBM.

Toshiba: If Memory Chip Production Spin-off Fails, IPO May Be Solution

The Financial Times has reported that Toshiba is considering a last-ditch effort towards producing liquidity, should its memory chip production business spin-off to Bain Capital not be allowed to complete prior to the end of March, in the face of antitrust scrutiny delays. Should that be the case, Toshiba would be in a dire situation, as the spin-off development has clearly shown (remember that Toshiba went from a 20% stake spin-off to a 100% spin-off due to increasing concerns with the company's outstanding debt and lack of liquidity).

Should that be the case, the company is reportedly considering an IPO as one of its contingency plans, the Financial Times reports, citing sources familiar with the plans. If the acquisition by Bain Capital fails to win regulatory approval by March 31, Toshiba is no longer bound to the deal's terms, sources familiar with the situation have told Reuters. The Financial Times further added that some analysts - and Toshiba shareholders - favor this contingency plan over the existing deal - and apparently there's some sentiment towards the same in the financial markets at large, as Toshiba shares hit a three-month high in morning trade, at one point rising as much as 4.7 percent, after these IPO plans started being made public. If Toshiba's board wasn't considering an IPO before, they sure are more likely to do so now.

Corsair Share to be Sold to Private Investor (Again)

News agency Reuters recently reported that hardware giant Corsair was in talks with middle market private equity firm EagleTree Capital for acquisition of the company in its entirety. The deal was reported by Reuters as being valued at close to $500 million. Part of the Corsair brand is, and continues to be, owned by Corsair founder and Chief Executive Andy Paul, who founded the company in 1994. Another part of it, however, is currently owned by Francisco Partners, an American private equity firm focused exclusively on investments in technology and technology-enabled services. In 2013, Francisco Partners made a $75 million investment in the company, after Corsair scrapped its IPO plans.

However, an industry source has shed some more light on the matter. The source (singular, since we couldn't verify this through multiple channels) told TPU that it isn't the entirety of Corsair that's for sale; only the share previously acquired by Francisco Partners. It's this particular stake that's being eyed by EagleTree Capital - probably at a much higher valuation than the initial $75 million investment. As always, you should take this current information with a grain of salt.

Razer's Hong Kong IPO: Raising $600m

Razer is apparently looking towards raising some more liquidity towards its coffers. Remember that Razer is the company that recently acquired certification-experts THX. Even though having a THX certification today doesn't have the same weight as it did some years ago, Razer has started taking the first steps towards integration of the certification with its products, in a bid to have yet another selling badge to appeal to customers. These $600m are being destined to future growth (particularly in Asian markets), as well as an attempt to "Broaden the appeal of [Razer's] brand; (...) continue to introduce innovative, category-defining experiences; and deepen global market penetration."

Razer's recent financial filings indicate Razer operated at a $20m profit in 2012-2013, but ran a loss of ~$70m in 2015-2016 because of multiple acquisitions as well as a tripling in R&D activities. These increased spendings weren't accompanied by an equivalent increase in revenue, however, hence why 2015-2016 ended up in the red. This doesn't mean the company is in bad shape, though: it's just that R&D, as well as an increasing presence in physical stores, all take up money in the short term, while arguably having more effects in the long term.
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