3 February 2011

Photonic integrated circuit-based firm NeoPhotonics raises $82.5m in IPO

NeoPhotonics Corp of San Jose, CA, USA raised $82.5m in its initial public offering of 7.5 million shares of its common stock at $11 per share (at the top end of the originally planned $9–11 price for just 7 million shares). NeoPhotonics has granted the underwriters an option to purchase up to an additional 1.125 million shares at the IPO price to cover overallotments, if any. The common stock began trading yesterday on the New York Stock Exchange under the symbol ‘NPTN’, and closed its first day of trading up 20.45% at $13.25.

Founded as NanoGram Corp in October 1996 before changing name in 2002, the firm’s principal stockholders are funds affiliated with Oak Investment Partners, Draper Fisher Jurvetson, Concord Investments Co, ATA Ventures and International Finance Corp.

NeoPhotonics is a vertically integrated designer and manufacturer of photonic integrated circuit (PIC)-based components, modules and subsystems for bandwidth-intensive, high-speed communications networks. Products include active semiconductor, passive PLC (photonic lightwave circuit) and MEMS (micro-electro-mechanical system) multi-dimensional switching functions in a single product, with integration enabled by nanomaterials and nanoscale design and fabrication technologies. The firm has ISO 9001:2000 certified engineering and manufacturing facilities in both Silicon Valley and Shenzhen, China.

Customers include ADVA, Alcatel-Lucent, Ciena, Cisco, FiberHome, ECI, Telefonaktiebolaget LM Ericsson, Fujitsu, Harmonic, Huawei, Mitsubishi Electric, NEC, Nokia Siemens, and ZTE.

For the first nine months of 2010, NeoPhotonics reported net income of $2.8m on revenue of $132.9m and improvement on full-year 2009’s net loss of $6.8m on revenue of $155m, and 2008’s net loss of $28m on revenue of $134m).

NeoPhotonics originally filed a registration statement with the US Securities and Exchange Commission (SEC) last April for an IPO to raise $115m, but on 18 January filed a Form S-1 amendment for the revised amount.

The firm says that it plans to use the net proceeds of the IPO for working capital, to continue to expand its existing business (including possibly acquiring complementary businesses, products, services or technologies), and for general corporate purposes.

Tags: NeoPhotonics PIC

Visit: www.neophotonics.com

Visit: www.sec.gov

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