Intel-Backed Altera Files Confidentially for IPO

Altera confidentially submitted a draft registration statement with the SEC for a proposed U.S. IPO. Reuters previously reported the offering could raise more than $2 billion. Share numbers and pricing are not yet set. The deal still needs SEC review and favorable markets. Intel sold Silver Lake a 51% controlling stake. The transaction valued Altera at $8.75 billion. Intel kept a 49% interest. Intel had bought the company in 2015 for around $16.7 billion. Altera was founded in Silicon Valley in 1983. MGX, an Abu Dhabi-backed investment company, joined the Silver Lake deal later. Silver Lake has brought in Barclays, Citi, JPMorgan and Morgan Stanley as underwriters, with more banks expected. Altera makes field-programmable chips used in data centers, AI, telecommunications, industrial automation, robotics, aerospace and defense. Raising over $2 billion would make this the largest semiconductor IPO since Arm Holdings raised $5 billion in 2023. Timing hinges on the SEC process and market conditions.