Advanced semiconductor test equipment provider Verigy prices at $15, below the range

Verigy Ltd., one of the leading providers of advanced automated test equipment to the semiconductor industry, priced its 8.5 million share offering at $15, below its targeted $16-$18 per share range. The Singapore-based company, which is a spinoff of global measurement and test house Agilent, is currently one of the top providers of systems for testing highly-integrated chipsets and memory devices, including PC/graphics chips and NAND flash devices. Goldman Sachs and Credit Suisse were the top two underwriters on the deal. The stock is expected to begin trading Tuesday morning on the NASDAQ under the symbol "VRGY".

Verigy is currently experiencing robust order momentum fueled by a new product cycle and a strong cyclical industry upturn. During its most recent quarter, revenue rose 92% to $192 million and new orders soared 230% to a record $313 million. Verigy's IPO follows two recent, smaller IPOs in the semiconductor test equipment segment, Eagle Test (EGLT) and Nextest (NEXT), both of which are trading above their offer prices, up 3% and 28%, respectively.