NFC chip specialist Inside Secure has postponed its planned flotation, CEO Remy de Tonnac confirmed to NFC World, but the company plans to resume the IPO process as soon as it can.
Inside Secure last month cancelled a press briefing at which it was to officially announce its IPO, but chief executive Remy de Tonnac has told NFC World the move is “just a delay”, caused by turbulence in the European financial market due to the economic situation in Greece. Half of planned flotations have been either put off or postponed for this reason, he explained, underlining “we want to go back to the market… as soon as possible.”
Market conditions aside, this is the right time for the company to enter the stock market, de Tonnac says, for three key reasons:
- Visibility and credibility: “NFC momentum is now. We need to be as visible as our dear competitor.” Inside Secure’s chief rival in the NFC controller market is NXP, a publicly listed company.
- A strong balance sheet will help the firm win business from big name customers.
- Most importantly, an IPO will provide Inside Secure with funding for acquisitions of both personnel and technology.
De Tonnac expects 70m NFC phones to be produced this year and, he says, when it comes to winning contracts to provide NFC controller chips to handset manufacturers, “we are taking our fair market share”.