US-based motion sensor chip maker InvenSense re-filed with the US Securities & Exchanges Commission for its initial public offering (IPO) on Monday, adjusting its shares to sell at a lower range. Invensense had delayed the IPO in August due to market conditions.
Invensense initially filed for an IPO in June last year before filing amendments in May and July this year. The July filing set the maximum price at $10.50 a share, with 12.075 million shares on offer but the latest filing re-prices the shares at $7.00 to $8.50 with 11.5 million shares to be offered.
The maximum amount Invensense is looking to raise has thus been reduced from $126.8m to $97.8m, with Invensense estimating a net profit of $68.6m.
Since its inception in 2003, Invensense has raised $41.9m in financing from investors including Qualcomm Ventures, the corporate venturing fund for semiconductor and telecommunications conglomerate Qualcomm, which currently owns 6.8% of Invensense’s stock.
Other major shareholders include venture capital firms Artiman Ventures (which holds 22.3% of Invensense’s shares), Partech International (22.2%) and Sierra Ventures (8.7%).
According to figures on the new filing, Invensense has been doing better financially as of late, with profits up to $26.5m in the six months leading up to the start of October, up from $22m in the entirety of the 2010 financial year.
Invensense, which manufactures motion sensor chips for use in gaming devices, plans to use the proceeds from the IPO to increase general working capital with some of the cash to potentially be used for acquisitions, though no firm negotiations are underway at present.