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IPO News

2/26/10

Sensata Technologies, which develops, manufactures, and sells sensors and controls for mission critical applications, announced terms for its upcoming IPO on Friday. Sensata Technologies first began as General Plate Company in 1916 and has since undergone various mergers, including one with Texas Instruments in 1959. In April of 2006, the business was sold to Bain Capital and became a stand-alone entity. The Netherlands-based company plans to raise $600 million by offering 31.6 million shares at $18-$20, with 17% coming from insiders; at the midpoint of the proposed range, Sensata will command a market value of $3.4 billion. The company booked $1.1 billion in sales for 2009, down 20% (from $1.4 billion) from the previous year. However, Sensata claims it stands to benefit from the improving environment and reported $338 million in sales for the fourth quarter of 2009, up 26% from the year ago period (from $268 million). Sensata Technologies plans to list on the NASDAQ with Morgan Stanley, Barclays Capital and Goldman Sachs acting as the lead underwriters on the deal. Pricing is scheduled for Wednesday, Mar. 10.