LONDON – InvenSense Inc. (Sunnyvale, Calif.), a provider of MEMS gyroscopes, priced its intial public offering of 10 million shares at $7.50. The stock began trading on the New York Stock Exchange on Tuesday (Nov. 16) and closed the day at $8.90.
Selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of common stock to cover over-allotments, if any. InvenSense will not receive any proceeds from any sale of shares by the selling stockholders.
The company has been a pioneer of multi-axis gyroscopes and accelerometer-gyroscope combinations in motion processor units for use in consumer electronics, in particular in the Wii game console from Nintendo, but also in smart phones and tablet computers.
The 10 million shares sold the public represent about one-eighth of the number of shares outstanding, thereby valuing the company at about $600 million. In the most recent completed fiscal year – to April 3, 2011, InvenSense made a net profit of $9.35 million on sales of $96.55 million.
InvenSense is reported to have raised $38 million in venture capital over three rounds between 2004 and 2008, backed by Artiman Ventures, Partech International, Qualcomm Ventures and Sierra Ventures.
Steven Nasiri is the founder of InvenSense and has served as its president, CEO and chairman since its formation in 2003. Prior to founding InvenSense, Nasiri held various positions as a co-founder and executive of several MEMS companies.
Sounds you know much more about gyros than me @SiliconAsia...I run R&D conference (www.cmoset.com) where many MEMs devices are discussed so hence my impression that many devices are available...but that could be low volume, high end application or just early prototype...like in every other market 2-3 players command most of the market share, no surprise here...I was just curious why Invensense is in that group, there must be something in the underlying technology (performance, cost etc) that put them in that group...Kris
You said there are many MEMS gyros - Can you list them? Only ones I know are 1) ST and 2)Invensense. Others are not in real production or only aiming at high end? You may mean many are trying but not many are in real volume production. The "volume" is the key word here. Having volume production capability or know-hows is a HUGE differentiator in MEMS.
There are not so many suppliers of six-axis combo gyro and accelerometers, with local logic processing..which InvenSense calls a motion processing unit.
It may well be that InvenSense is not better or cheaper than the competition but they did get and held on to the design win in the Ninetendo Wii.