Memsic plans initial public offering |
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Fri, 28 Sep 2007 22:27
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NEW YORK (AP) - Memsic Inc., a developer of advanced semiconductor sensor and system solutions, on Friday said it plans an initial public offering of its common stock, according to a regulatory filing.In a filing with the U.S. Securities and Exchange Commission, the Andover, Mass., company did not disclose any terms of the offering, but indicated it could raise up to $100 million. This figure was estimated solely to calculate the registration fee, Memsic noted, and may change.A group of selling stockholders will offer an undisclosed number of shares, as well.Memsic plans to use proceeds from the offering for expansion and construction of manufacturing facilities, acquisitions, research and development and other general corporate purposes.Memsic uses micro electro-mechanical, or MEMS, technology to create semiconductor sensor and system solutions. Its products are used to measure tilt, shock, vibration and acceleration and have a wide range of applications such as mobile phones, automotive safety systems and video projectors. The company, which has engineering and manufacturing facilities in Wuxi, China, has shipped more than 20 million units since 2004.For the six months ended June 30, the company reported income of $158,000, compared with a loss of $151,000 the year-ago period. Sales for the first half of 2007 totaled $9.4 million, an 81 percent increase over sales of $5.2 million in the first six months of 2006.Citi is listed as the sole manager of the deal.Memsic has applied to list its shares on the Nasdaq Global Market under the symbol 'MEMS.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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