Edwards IPO watch: According to the data of NASDAQ, U.K. vacuum product and abatement system provider Edwards expects to see its IPO (initial public offering) coming in on May 10th, 2012. Edwards will offer 12.5 million ADSs (American Depositary Shares) in its IPO. The Edwards IPO price is anticipated to be between $11.00 and $13.00 per ADS. The Bank of New York Mellon is working as the depositary for the ADSs. Each ADS will represent one ordinary share. The company intends to apply to list its ADSs on the NASDAQ Global Market under the symbol “EVAC.” The proposed maximum aggregate offering price is $186.9 million.
Edwards expects to receive net proceeds of approximately $133.5 million, on the basis of an assumed IPO price of $12.00 per ADS, the middle point of the announced Edwards IPO price range. According to the regulatory filing, the net proceeds from ADSs will be used for repaying loans.
Barclays Capital Inc., Goldman Sachs and Deutsche Bank Securities are working as the lead underwriters of the Edwards IPO. The Edwards IPO underwriting syndicate also includes RBC Capital Markets, Piper Jaffray and Lazard Capital Markets. The underwriters may also purchase up to an additional 1,875,000 ADSs from the selling shareholders at the Edwards IPO price, to cover over-allotments.
Edwards is a U.K. vacuum product, abatement system and related value-added service provider. The company has a long operating history since 1919. The company’s business are divided into three sectors: Semiconductor, General Vacuum and Emerging Technologies.
Edwards generated revenue of £700.5 million ($1,088.6 million), adjusted EBITDA of £160.9 million ($250.1 million), adjusted EBITDA margin of 23.0% and adjusted net income of £84.8 million ($131.8 million), for the year ended December 31, 2011. The company derived 55% of the total revenue from Asia, 28% from the Americas and 17% from Europe.
The company generated revenues of £509.8 million £371.2 million and £641.0 million for the year ended December 31, 2008, 2009 and 2010, respectively, and net profits during the this period were £33.1 million, £28.8 million and £85.1 million, respectively.
Edwards has no plan to to pay dividends on the ordinary shares underlying the ADSs in the foreseeable future.
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