LONDON Swiss GPS chipset and modules group u-Blox Holding AG has raised Swiss Francs 135.6 million ($116.5 million) in an IPO on the Swiss stock exchange, at the high end of the target range it set itself when it announced the initial public offering earlier this month.
The offer price was set at between Swiss Francs 42-to 54, with u-Blox (Thalwil, Switzerland) saying it could raise up to Swiss Francs 155.9 million from the sale of 1.25 million newly issued shares and existing shares.
The deal values the company at about $280 million.
The company had raised over $17 million in VC funding since 2000, from 3i Group, Partners Group and Innoventure Equity Partners.
u-Blox said it intends to use the net proceeds from the newly issued registered shares for the implementation of its growth strategy and the further expansion.
In its 2006 financial year u-Blox made a net profit of 7.4 million Swiss Francs (about $6.3 million) on sales of 54.4 million Swiss Francs (about $46.2 million). In the first half of 2007 sales were up 69 percent compared with the same period in 2006.