This is the second time the RFID company has filed a prospectus to enter the public markets.
Impinj, a Seattle radio frequency identification technology (RFID) company, is preparing to go public.
The company, headquartered in Seattle’s South Lake Union neighborhood, filed for a $60 million initial public offering, according to Securities and Exchange Commission documents.
The money would be used to develop new products and expand existing technology.
If it goes through with its plans, Impinj would be listed on the Nasdaq under the symbol PI. The company had filed plans for IPO in 2011, but withdrew the effort the next year.
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Impinj, formed in 2000 in part from University of Washington research, has raised more than $130 million from venture-capital and private-equity firms, according to Crunchbase. Local firms Madrona Venture Capital and Arch Venture Partners were early investors.
If Impinj goes public it would be the second Seattle-area company (and first technology firm) to do so this year. PhaseRx, a Seattle biotechnology company, went public in May, ending a drought in the local IPO market that had lasted more than a year.
Before that, Juno Therapeutics was the region’s last IPO, coming in December 2014.
Many companies have decided to stay private, analysts say, because the public markets weren’t performing exceptionally well and plenty of capital was available in the private markets.
Now that some of that capital has dried up, more companies might see an IPO as a viable option.
Impinj keeps a showcase in Seattle’s Fremont neighborhood, where its previous headquarters were located. That showcase is designed to show off the power of its radio frequency, or RFID chips.
The technology involves communications with small tags on objects that allow users to track, for instance, the location of every item in a store.
Retail is the biggest industry customer for Impinj, but the company said in a recent news release that health-care uses were also gaining speed.
Impinj said last October that it had added 50 people so far that year. The company had 208 employees as of March 31, 2016, according to its Thursday filing.
Impinj filed to go public in 2011, but pulled its plans in 2012 and instead raised $21 million from private investors. In its first filing, Impinj aimed to raise about $100 million.
Impinj’s 2015 revenue was $78.5 million, and the company reported a profit of $900,000 for the year, compared with a $297,000 profit on $63.8 million in revenue in 2014.
The company has not yet said when it plans to go public or what its expected share price will be.