Saifun plans $150 million secondary offering
The company itself will raise some $9.7 million. The remainder will be an offer for sale by current shareholders.
Roee Bergman 8 Mar 06 15:12
Non-volatile memory technology company Saifun Semiconductors Ltd. (Nasdaq:SFUN) announced today that it had filed a registration statement with the US Securities and Exchange Commission for a proposed registered offering of 340,000 ordinary shares by the company and an additional number of ordinary shares by certain selling shareholders of the company. The company put the total value of the offering, for the purposes of the registration fee, at $150 million. However, sources inform "Globes" that Saifun shareholders will sell shares to the tune of $200-250 million. The company would not confirm this.
The planned secondary offering by Saifun was first reported by "Globes." Saifun made its IPO in November last year.
At its current share price of $28.17, Saifun itself will raise some $9.7 million. The remainder of the offering will be in the offer for sale by current shareholders.
The selling shareholders are expected to grant the underwriters a 30-day option to purchase additional ordinary shares.
Lehman Brothers Inc. is acting as sole book-running manager, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as joint- lead managers and CIBC World Markets, William Blair & Company, Raymond James and WR Hambrecht + Co are acting as co-managers.
Published by Globes [online], Israel business news - www.globes.co.il - on March 8, 2006
Dubi
