manufacturing

Sensata IPO nets $569M as bids stay low

DACON CORP.
SENSATA HEADQUARTERS in Attleboro. The company sold an 18 percent stake for $18 a share, at the low end of its asking range.
Posted 3/11/10

ATTLEBORO – Sensata Technologies Inc., the former Texas Instruments sensors-and-controls division sold off four years ago, sold $569 million worth of shares in its initial public offering on Wednesday.

Sensata sold 31.6 million shares for $18 each, which was at the low end of its asking range of $18 to $20, according to a Securities & Exchange Commission filing. Sensata’s underwriters did not exercise an option to buy an additional 4.74 million shares.

Sensata sold an 18 percent stake in the company in the IPO, giving it a market value of roughly $3 billion. The firm said it would keep 83 percent of the offering’s proceeds, or roughly $472 million, before fees and expenses, some of which it will use to pay down debt.

Sensata shares, which began trading Thursday on the New York Stock Exchange under the ticker symbol “ST,” advanced 3.1 percent to $18.55 at 10:36 a.m.

Sensata sells sensors and controls under brands such as Airplax and Klixon to customers including Ford Motor Co., General Motors Corp. and Samsung Electronics Co.

Founded in 1916, Sensata was part of Texas Instruments from 1959 until April 2006, when it was taken private and renamed in a leveraged buyout led by private-equity firm Bain Capital LLC. (Sensata is Latin for “those gifted with sense.”)

Although Sensata leases a 433,000-square-foot facility in Attleboro as its main headquarters, the company is registered as a Dutch business and its official corporate headquarters is in Almelo, The Netherlands.

In 2009, Sensata narrowed its full-year loss by cutting costs, posting a net loss of $26.99 million, compared with a loss of $134.48 million in 2008. Annual sales fell 20 percent to $1.13 billion. The company has not posted an annual profit since Bain took it over.

Additional information is available at sensata.com.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement