Up to 2,657,981 registered shares, with nominal value of CHF 0.90 each (US$0.76), are to be offered between CHF 42 and CHF 54 per share. Of the offered shares, 1,250,000 shares will be newly issued shares, and up to 1,407,981 shares will be sold by existing (pre-IPO) shareholders. In addition, the existing shareholders have granted the managers of the offering an over-allotment option of up to 15% of the base offering size. The free float will amount to approximately 42.6% excluding the exercise of the over-allotment option or approximately 49.0% if the over-allotment option is exercised in full.
Based on the price range mentioned, the market capitalisation of u-blox will be between CHF 262.2 million (US$221.6M) and CHF 337.1 million (US$284.95M). u-blox intends to use the net proceeds from the newly issued shares for the implementation of its growth strategy and the further expansion of its market position.
“u-blox' revenues mainly stem from the sale of GPS chipsets, GPS modules and from royalties for chipsets that are manufactured and sold by third parties” said the company. In fiscal year 2006, u-blox generated sales of CHF 54.4 million (US$46.2 million) and a net profit of CHF 7.4 million (US$ 6.3 million). For the six months ended June 30, 2007 the company recorded sales of CHF 39.4 million (US$33.5 million), representing a growth rate of 69% compared to the same period last year.
Read our previous news about this IPO here