Toronto, Ont.--Feb. 24, 1998--Fabless semiconductor manufacturer Genesis Microchip, Inc. (Toronto) has commenced its initial public offering of 2,850,000 common shares at a price of $11.50 (U.S.) per share. The IPO was managed by an underwriting group consisting of Nationsbanc Montgomery Securities LLC, CIBC Oppenheimer Corp., Soundview Financial Group, Inc., and Yorkton Capital, Inc.
Of the 2,850,000 common shares to be sold in the offering, 2,493,090 are to be sold by the company and 356,910 common shares will be sold by designated Genesis shareholders. The company has granted its underwriters an option to purchase an additional 427,500 common shares to cover overallotments, if any. Genesis Microchip, Inc. will be listed on the Nasdaq National Market under the symbol GNSSF. Following the offering, the company will have approximately 13,378,882 common shares outstanding.
Proceeds to the company from the sale of its common shares will be used for working capital and other general corporate purposes.
200 Town Centre Blvd., Suite 400
Markham, Ont., Canada L3R 8G5
Fax: (905) 470-9022
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