The holding company for semiconductor company NXP, which is backed by major private equity firms including KKR and Bain Capital, has filed a registration statement with the SEC for a potential initial public offering of its common stock up to $1.15 billion.
KKR, Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners bought an 80.1 percent stake in the Dutch company from Koninklijke Philips Electronics in 2006 for €9 billion.
Proceeds from the offering will go to improve NXP’s capital structure and reduce interest expenses, said a spokesperson. The number of shares to be sold and the price range for the proposed offering have not yet been determined, according to documents.
Underwriters for the IPO are Credit Suisse, Goldman Sachs, Morgan Stanley, Barclays Capital, and BofA Merrill Lynch.
Koninklijke Philips currently has a 19.9 percent stake in the company.
NXP Semiconductors has 27,000 employees working in more than 25 countries and posted sales of $3.8 billion in 2009. Its products are used in a wide range of automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer and computing applications.
Separately, there are several other private equity-backed IPOs expected this week. According to the Wall Street Journal, the following IPOs are on deck:
• Codexis, a research firm that is working with Royal Dutch Shell to make ethanol and diesel out of nonfood crops. CMEA Capital and FirstMark Capital are investors;
• Speech-generating technology company DynaVox, of which Vestar Capital Partners and Park Avenue Equity Partners own stakes;
• Global Geophysical Services, which provides seismic-data services to the oil-and-gas industry. Kelso is a large holder;
• Internet-protocol communications-systems company Mitel Networks, of which Francisco Partners Group is a major holder;
• Internet-hosted supply-chain manager SPS Commerce. Adams Street Partners, CID Capital, River Cities Capital Funds and Split Rock Partners, have stakes in SPS Commerce; and
• Biopharmaceutical firm Alimera Sciences. Scale Venture Partners, Domain Associates, Intersouth Partners, Polaris Venture Partners and Venrock Associates all have stakes.