Silicon Image’s October 1999 IPO raised $46.8 million in gross proceeds. After $3.276 million in underwriting discounts and commissions, the company received $43.524 million, according to its final prospectus.
Silicon Image IPO terms at a glance
| Term | What the prospectus says |
|---|---|
| Shares offered | 3,900,000 |
| Public offering price | $12.00 per share |
| Gross offering value | $46,800,000 |
| Underwriting discounts and commissions | $3,276,000, or $0.84 per share |
| Proceeds to Silicon Image | $43,524,000, or $11.16 per share |
| Over-allotment option | Up to 585,000 additional shares |
| Nasdaq symbol | SIMG |
The SEC-filed final prospectus lists the share and dollar totals. The $46.8 million headline is the offering’s gross value at the public price; it is not the amount Silicon Image retained.
When did Silicon Image go public?
The final prospectus is dated October 5, 1999. The SEC filing index records the Form 424B4 filing and acceptance on October 6, and later company proxy material identifies October 6 as the IPO date. These are distinct document and event dates, rather than conflicting versions of one date. The prospectus said share delivery was expected “on or about October 12, 1999.” The SEC filing index records the filing date.
What happened to the shares on the first day?
EE Times reported on October 6 that all 3.9 million offered shares had been sold and that SIMG had risen from its $12 offer price to $27 by early afternoon. That is a time-specific intraday report, not a verified closing price. The report does not establish why the shares rose. EE Times’ October 6 coverage provides the contemporaneous account.
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What Silicon Image sold investors on
In the prospectus, Silicon Image described its business as developing semiconductors for high-speed digital communications, initially focused on connections between host systems—such as PCs, set-top boxes and DVD players—and digital displays, including flat-panel screens and CRTs. The company said its products enabled hosts to transmit digital video and displays to receive and manipulate it.
The issuer said it and Intel, Compaq, IBM, Hewlett-Packard, NEC and Fujitsu formed the Digital Display Working Group to define a freely available worldwide digital-display specification based on Silicon Image technology. The group published the Digital Visual Interface (DVI) specification in April 1999. Silicon Image described PanelLink as its proprietary implementation of DVI and its Digital Visual Controller architecture as a platform for integrating receiver technology with other display functions. These are descriptions from the company’s prospectus, not independent evaluations.
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Silicon Image also reported that it had shipped more than four million product units as of June 30, 1999, and said its products were incorporated into systems and displays sold by manufacturers including Apple, Compaq, Fujitsu, IBM, Samsung, Toshiba and ViewSonic.
The financial picture and risks disclosed in 1999
The prospectus reported $7.703 million in product revenue and a $6.622 million net loss for 1998. For the six months ended June 30, 1999, it reported $7.706 million in product revenue, $575,000 in development and license revenue, and a $3.909 million net loss; those six-month results were unaudited. The company also reported $100,000 in development and license revenue for 1998.
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Silicon Image warned that it had a limited operating history and a history of losses, and expected operating losses to continue. It said its prospects depended on widespread DVI adoption; when the prospectus was dated, the company said no complete DVI-compliant system combining a host and display had shipped. Other risks it disclosed included dependence on foundry capacity, the timing of customer orders, product transitions, competitors and evolving interface standards. Those statements describe risks identified in 1999, not current company conditions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the IPO number does—and does not—mean
The offering brought in $46.8 million before underwriting discounts and commissions, while the prospectus’s issuer-proceeds figure was $43.524 million. The $12 figure was the IPO price; the reported $27 was an early-afternoon market observation. The prospectus also stated that no public market for the common stock existed before the offering. The SEC cover cautioned that the Commission had neither approved nor disapproved the securities nor determined whether the prospectus was truthful or complete; the filing is the issuer’s disclosure, not an SEC endorsement.
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