ETH Zurich spinout Sensirion hopes to capture $58m by going public later this month in an offering that will position co-founders Felix Mayer and Moritz Lechner as anchor shareholders.
Sensirion, a Switzerland-based sensor maker spun out of Swiss Federal Institute of Technology Zurich (ETH Zurich), is gearing up for an initial public offering (IPO) expected to generate gross proceeds of CHF55m ($58m)
The IPO on the Six Swiss Exchange will be completed around March 22. The spinout will issue approximately 9.3 million shares, though Sensirion could activate an over-allotment of up to 1.2 million shares if there is sufficient demand.
Sensirion’s target price ranges from $29.50 to $37.90, implying a market capitalisation of $426m to $530m, rising to $462m to $574m should it sell the extra allocation.
Founded in 1998, Sensirion makes environmental and flow sensors for products including medical devices, industrial machinery, automotive, analytical instruments, and consumer goods as well as heating, ventilation and air conditioning systems.
The products are powered by a compact advanced computer chip called CMOSens combining Sensirion’s sensor with analogue and digital signal processing functionality.
Proceeds from the IPO will support Sensirion’s financial and corporate strategy while also helping it pursue fresh opportunities for business growth. Sensirion, which currently has 735 employees, expects its core earnings margin to near 20% over the medium-term, up from between 15 and 16% forecast for 2018.
Sensirion does not appear to have previously disclosed equity funding, however private investor Gottlieb Knoch is its majority shareholder with 55.5% interest and will dispose of approximately 6.2 million of his shares in the IPO.
Co-founders Felix Mayer and Moritz Lechner, both ETH physics graduates, are expected to increase their combined stake to 33.2% from 14% to become Sensirion’s anchor shareholders, joining family office 7-Industries and investment unit EGS Beteiligungen, part of Ernst Göhner Foundation, both of which will have preferential access to shares offered.
Details of ETH Zurich’s current shareholding were not disclosed in the IPO announcement.