initial public offerings (IPOs) trading on American exchanges

Monday, August 1, 2011

InvenSense prepares for a $100 million IPO

Qualcomm-backed InvenSense, which makes motion processing chips for companies such as Nintendo, plans to offer 10.5 million shares at $8.50 to $10.50 per share for a $99.75 million offering. 
The company posted revenue of $35.6 million in its most recent July quarter, up from $22.0 million in the year ago period. Net income attributable to common shareholders was $2.2 million, up from a net loss of $1.1 million a year ago.

The Sunnyvale, Calif.-based company makes an integrated circuit, including motion sensors, gyroscopes and software on a chip. They’re used in console and portable video game devices, phones, tablets and TVs. One big risk factor: Nintendo represented 73% of InvenSense’s net revenue in fiscal 2011 and the technology has been incorporated into the Wii MotionPlus and Wii Remote Plus controller. Competitors include Panasonic, Sony, Analog Devices, Epson Toyocom Corp., Freescale Semiconductor, Kionix, MEMSIC, and Murata. InvenSense’s manufacturing is done by Taiwan Semiconductor Manufacturing Company. Shareholders with more than 5% stakes are Artiman Ventures (22.4%), Partech International (22.3%), Sierra Ventures (8.8%), and Qualcomm (6.9%).

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