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.
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