Fabrinet, a outsourced manufacturer specializing in optical components, raised $85 million by offering 8,500,000 shares at $10, reflecting a 23% haircut to its anticipated range of $12 to $14. At its $13 offer price, the company commands a market value of roughly $340 million, down from its originally proposed valuation of $447 million. For twelve months ended March 31, 2010, Fabrinet reported net income of $32 million on $431 million in revenue. Shares will list on the NYSE under the symbol FN. Morgan Stanley and Deutsche Bank Securities acted as lead managers on the deal.
Fabrinet became the 61st company to complete a U.S. IPO year-to-date, closing in on 2009's full year tally of 63 U.S. IPOs.
