17 June 2010


Rubicon prices stock offering at $30 per share to raise $50.2m

Rubicon Technology Inc of Franklin Park, IL, USA, which makes monocrystalline sapphire substrates and products for the LED, RFIC, semiconductor and optical industries, has priced the underwritten public offering of 2,634,000 shares of its common stock (announced on 11 June) at $30 per share.

Of the 2,634,000 shares offered, 1,800,000 will be sold by the firm and 834,000 by selling stockholders identified in the free writing prospectus filed with the US Securities and Exchange Commission (a final prospectus supplement is also to be filed with the SEC).

Rubicon has also granted the underwriters a 30-day option to purchase up to an additional 395,100 shares to cover over-allotments (up from the 270,000 shares announced on 11 June).

After deducting underwriting discounts and commissions and estimated offering expenses, the company's net proceeds from the offering should be about $50.2m (or $61.5m if the over-allotment option is exercised in full). Rubicon will not receive any proceeds from the sale of shares by the selling stockholders.

The offering is scheduled to close on 21 June, subject to customary closing conditions.

Rubicon expects to use net proceeds to expand its crystal growth and post-crystal-growth manufacturing facilities and for working capital and other general corporate purposes.

UBS Securities LLC is acting as sole book-running manager for the offering and Canaccord Genuity Inc is acting as a co-lead manager.

See related item:

Sapphire substrate maker Rubicon offers 1.8 million shares to fund expansion

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