3i floats u-blox

3i, the London headquartered VC and buyouts firm, has launched u-blox, a Swiss provider of Global Positioning System (GPS) technology, on the Swiss Stock Exchange.

The company, which is based in Thalwil, raised over CHF135.6m (€81.7m) and was given a market capitalization of CHF318.4m following an opening share price of CHF51, at the upper end of its offer range of CHF42-54 per share.

It is the first IPO of a European semiconductor company since CSR, also a 3i backed company, floated on the London Stock Exchange in 2004. u-blox has raised a total of €12m since its opening funding round in 2000 with the initial investment provided by Partners Group. 3i and third co-investor Innoventure Equity Partners participated in later rounds.