Sensata prices shares at bottom of expected range, raises $568.8M in biggest IPO this year
By APThursday, March 11, 2010
Sensata raises $568.8M in biggest IPO this year
NEW YORK — Sensata Technologies Holding NV priced its shares at the bottom of its expected range, raising $568.8 million in the biggest initial public offering so far this year.
The Netherlands company makes sensors and controls, with more than half of its revenue coming from the auto industry. It is a former subsidiary of chip maker Texas Instruments Inc. and is now backed by private equity firm Bain Capital.
Sensata priced 31.6 million shares for $18 apiece. It had hoped to fetch up to $20.
Still, it is the second company this week to sell shares to initial investors within its hoped-for range. That’s happened in only about 38 percent of this year’s IPOs as a volatile stock market and fears of a slowing recovery curbed investors’ taste for risky bets.
Sensata shares are expected to start trading Thursday on the New York Stock Exchange under the symbol “ST.”
