Sensata Technologies, which develops, manufactures, and sells sensors and controls for mission critical applications, has been highlighted as Renaissance Capital's Featured IPO. The company plans to raise $600 million by offering 31.6 million shares at a price range of $18-$20. Morgan Stanley, Barclays, Goldman Sachs, BofA Merrill Lynch and J.P. Morgan are acting as joint bookrunners on the deal, which is expected to price this week.
With roots dating back to 1916, this former division of Texas Instruments was LBO'd by Bain Capital in 2006 for $3 billion. Sensata Technologies is a leading global manufacturer of customized sensors (60% of sales) and controls (40%) that are used to improve safety and energy efficiency in mission critical applications, from braking systems in cars to heating, ventilation and air conditioning in commercial and residential markets.
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