On Semiconductor steps up to plate
Former Motorola unit following big AT&T Wireless act
By Steve Gelsi, CBS MarketWatch
Last Update: 8:31 AM ET Apr 28, 2000 New! IPOWatch section
Market Snapshot
NEW YORK (CBS.MW) -- A $480 million initial public offering from On Semiconductor is debuting Friday, aiming to maintain the IPO market's momentum after a blockbuster AT&T Wireless Group arrival.
After three tough weeks for new issues, demand may be picking up as the market digested the $10.6 billion AT&T Wireless Group (AWE: news, msgs) offering, the largest in U.S. history. See related story.
The Friday deal from On Semiconductor will be the latest in a series of IPOs that have slashed prices to lure investors.
On Thursday, Metawave (MTWV: news, msgs) and Praecis Pharmaceuticals (PRCS: news, msgs) rang up solid gains on discounted prices. See related story.
On Semiconductor
IPOWatch New!
IPO Daily Report
IPO Commentary
IPO: First Words
Week's IPOs
Smart Edgar
This Week
Pick of the Week
Recent Filings
Aftermarket
ABCs of IPOs
On Semiconductor (ONNN: news, msgs) is offering 30 million shares via lead underwriter Morgan Stanley at $16 each, the middle of its price range of $15 to $17 per share.
The company adjusted its price range down from $16 to $18 per share in a move to drum up more investor interest.
It's raising about $480 million, a hefty deal, though tiny compared with that of AT&T Wireless Group.
Ben Holmes of IPO Pros rated the company a "3" on a 1-to-5 scale.
On Semiconductor is one of the largest independent suppliers of semiconductor components in the world.
The Phoenix-based firm was formerly known as the Semiconductor Components Group of the Semiconductor Products Sector of Motorola (MOT: news, msgs).
Customers include Agilent, Alcatel, Ford, Hewlett-Packard, Lucent, Motorola, Nortel, Nokia and Sony.
It rang up $1.8 billion in pro forma revenue and net income of $74.4 million last year. |
