Tech firm Silex Microsystems has published its prospectus regarding its listing on Nasdaq Stockholm.
The prospectus confirms that the final offering price has been set at SEK 81 per share.
The offering comprises approximately 24.59 million shares, representing 22.4 percent of the capital and 22.2 percent of the voting rights in Silex. This consists of 12.34 million newly issued shares and a nearly equal amount of existing shares sold by Global Access Electronics, a wholly-owned subsidiary of China's Sai Microelectronics (SMEI).
The new share issue is expected to provide Silex with gross proceeds of approximately SEK 1 billion, before transaction costs estimated at SEK 65 million.
Silex intends to use the capital to fund the establishment of production capacity in the United States, as well as to pursue acquisition, greenfield, and brownfield investment opportunities totaling approximately SEK 1.4 billion. These initiatives are expected to be financed through a combination of equity and debt, including the proceeds from the offering.
Assuming the offering is fully subscribed, the total value is expected to reach nearly SEK 2 billion.
Silex has secured a number of cornerstone investors, including investment firm Creades and the AP funds (Second, Third, and Fourth), who have committed to acquiring shares for up to SEK 1.5 billion. Additionally, investment company Bure will acquire common shares in Silex from SMEI, representing 19.1 percent of the outstanding common stock.
The offering is expected to give Silex a market valuation of SEK 8.9 billion.
The first day of trading is expected to be Thursday, May 7.
Creades publ AB is a Sweden-based investment company. The Company invests in small and medium-sized Swedish companies with objective to create value through development and restructuring. As of February 22, 2012, the Company’s portfolio consisted primarily of listed shares (60%) and unlisted shares (30%). As of February 21, 2012, the Company’s portfolio included shares of such listed companies, as Avanza Bank (29%), Concentric (8%), Haldex (7%), Bilia (6%), Lindab International (4%), eWork Scandinavia (3%), as well as such unlisted companies, as Carnegie (12%), Klarna (6%), GLOBAL Betterier (3%) and Acne Jeans (3%), among others. As of December 31, 2011, the Company was a wholly owned subsidiary of Investment AB Oresund. In July 2013, 30% of the Company's net asset value was transferred to Sedarec AB.
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