The last Silicon Valley semiconductor IPO was Ambarella’s in October 2012.

Morgan Stanley and Deutsche Bank will try to raise $75 million in the eASIC offering.

So far eASIC has had $88 million in funding from backers Khosla Ventures (20.8 percent), Crescendo Ventures (15 percent), Seagate 14.6% and Kleiner Perkins (8.8 percent).

Two customers, Ericsson and Seagate, account for 93% of eASIC’s revenues which totalled

$67.4 million last year of which $21 million came from Seagate.

Most of the rest come from Ericsson which plans to place some of its eASIC elsewhere.

eASIC has debt of $18 million and has $9 million cash which may be a better explanation for the timing of the IPO than any signs of ebullience in the public offering markets.