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Aerospace and Defense Channel / Industry News

Underwriter: M/A-Com Technology prices IPO at $19/share

March 20, 2012
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Analog chipmaker M/A-Com Technology Solutions Holdings sold more shares at the higher end of its expected price range in its initial public offering, an underwriter told Reuters.

The Lowell, Massachusetts-based company sold 6 million shares at $19 apiece.

The company, which raised $114 million from the offering, had expected to sell 5.6 million shares at $17 to $19 a share.

At the IPO price, the company is valued at around $860 million.

Earlier in the day, cloud computing-based software company Demandware Inc and automatic transmissions maker Allison Transmission Holdings also priced their initial public offerings.

In a regulatory filing, M/A-Com said it operates in three primary markets — Networks, Aerospace and Defense, and Multi-market.

The company, which plans to use part of the IPO proceeds to pay holders of its Class B convertible preferred stock, said it competes with Hittite Microwave Corp across all three of its primary markets.

The chipmaker posted a net income of $22 million in the three months ended December 30, 2011 on revenue of $73 million.

The company is backed by its chairman John Ocampo, who will hold about 57 percent stake in it after the offering.

Barclays Capital, J.P. Morgan and Jefferies were lead underwriters to the offering.

Shares of the company are expected to begin trading on Thursday on the Nasdaq under the ticker symbol "MTSI".

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