Seattle-based RFID technology company Impinj has increased the amount it seeks to raise in an initial public offering from $60 million to $74 million, according to a filing with the Securities and Exchange Commission.
Impinj plans to offer stocks at a price between $12 and $14 per share. The company plans to use $5 million in proceeds from the IPO to pay down debt, according to the amended IPO filing.
The company has not finalized its third quarter results yet, but the company expects total revenue for the third quarter to range between $25.3 and $26.3 million, compared to $19.1 million in revenue in the third quarter of 2015, according to the filing. Impinj said it could end the quarter with net income anywhere between a $1.8 million loss and a $400,000 gain.
Impinj has raised more than $110 million in funding during its history, from investors including Intel Capital, Arch Venture Partners, Madrona Venture Group and others. The company’s largest shareholders include Arch Venture Partners (10.7 percent); Polaris Venture Partners (9.9 percent); Madrona Venture Group (9.4 percent); Mobius Venture Capital (9.2 percent); and Intel (8.1 percent). Impinj said in the filing it has invested more than $160 million to fulfill its “mission to provide wireless connectivity for everyday items and to deliver, to the digital world, each item’s unique identity, location and authenticity.”
The company was founded in 2000 by Carver Mead and Chris Diorio. It was an early player in RFID technology, which uses radio frequencies to track tagged items. The RFID market took longer than the company expected to come to fruition, but Impinj has been able to capitalize on growing use of the technology in recent years.
Impinj’s board of directors includes Diorio; Peter van Oppen, who chairs the board; Tom Alberg; Clinton Bybee; Gregory Sessler; and Theresa Wise. Impinj filed for a $100 million IPO in 2011, but ultimately withdrew those plans. The company had 208 employees as of March, according to its IPO filing.
