Saifun plans to raise $95.5m. on Nasdaq

Two Israeli semiconductor developers filed to list on Nasdaq over the weekend.

By YIGAL GRAYEFF
October 24, 2005 03:41
2 minute read.

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Two Israeli semiconductor developers filed to list on Nasdaq over the weekend, with Saifun Semiconductors planning to raise net proceeds of around $96m. and Passave $68m. Netanya-based Saifun is offering five million shares with an over allotment option of 750,000 shares and expects to price its initial public offering at $20.50-$22.50. Following the listing, the company will have 28.7 million shares, giving it a market capitalization of $588m.-$645m. The company develops a technology called nitride-readonly memory, or NROM, for the non-volatile semiconductor memory market. Nonvolatile semiconductor memory devices retain stored information without a power source, giving them an advantage over volatile semiconductor memory devices, which lose stored information when the electricity is turned off. Saifun's technology is used in a variety of consumer electronic products, such as mobile telephones, digital cameras, portable computers and digital video recorders, and its customers include Infineon Technologies, Matsushita Electric Industrial Co., Macronix International and Sony. In 2004 it made a net loss of $37.9m., revenue of $32.2m., and operating income of $4.5m., and for the six months ending June 26, it made operating income of $25.1m. and revenue of $44.9m. In the three months ending September 25, preliminary results show that it made net income of $10.3m.-$10.8m., revenue of $17.5m.-$18m., and operating income of $10m.-$10.5m. Saifun plans to use the proceeds from the IPO for research and development, business development and marketing, and for general corporate purposes. In addition it may invest in complementary companies, products or technologies, although it has signed no agreements as yet. The company, which was founded at the end of 1996, has over 200 employees, most of whom are based in Israel. Herzliya Pituah - based Passave expects to offer 4.7 million shares at $15-$17 each, with shareholders providing an overallotment option of 705,000 shares. Following the IPO, the company will have 12.3 million shares, giving it a market capitalization of $185m.-$209m. The company's directors, executive officers and their affiliated entities will own 50.6% of the company, or 45.4% if the underwriters exercise their overallotment option. The company develops "system-on-a-chip" technology for telecommunications networks, enabling service providers to offer voice, video and highspeed Internet access, or "triple-play" services, over optical networks. Founded in 2001, the company now has over 100 employees, including 88 in research and development, 20 in sales and marketing and 18 in general and administration.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS