Sensata Technologies Prices IPO At $18/Share, Low End Of Estimated Range

Sensata Technologies Prices IPO At $18/Share, Low End Of Estimated Range
(RTTNews)-Sensata Technologies Holding N.V. announced pricing of the initial public offering of 31.60 million ordinary shares at $18 per share. According to recent regulatory filings, the company estimated to price the offering between $18 and $20 per share.
Sensata operated as a part of Dallas-based Texas Instruments Inc. (TXN: News ) from 1959 until it was acquired by an investor group led by Bain Capital Partners, LLC, for approximately $3.0 billion.
Sensata, which filed its IPO plan with the regulator in November 2009, is a public limited liability company incorporated under the laws of the Netherlands.
Shares of Sensata, an industrial technology company that develops and manufactures sensors and controls, will begin trading on the New York Stock Exchange on March 11, 2010 under the ticker symbol “ST”.
In the initial public sale, Sensata is offering 26.3 million ordinary shares and selling shareholders are offering 5.28 million ordinary shares. The company said it will not receive any proceeds from the sale of ordinary shares by the selling shareholders.
Sensata noted that the underwriters have a 30-day option to purchase up to an additional 4.74 million ordinary shares from the selling shareholders.The company currently intends to use this offering net proceeds mainly to repay a portion of outstanding indebtedness, and for general corporate purposes.
Morgan Stanley, Barclays Capital, Goldman, Sachs & Co., BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers, while Citi, Credit Suisse, BMO Capital Markets, Oppenheimer & Co. and RBC Capital Markets are acting as co-managers for the offering.
For the year ended December 31, 2009, the company incurred a net loss of $27.68 million, versus a net loss of $134.53 million in 2008, and a net loss of $252.5 million in 2007. Net revenues were $1.13 billion in 2009, $1.42 billion in 2008 and $1.4 billion in 2007.
The company said it will continue to have a significant amount of indebtedness following this offering and, as a result, anticipates to continue to report net losses for the foreseeable future.
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