congatec Holding, a German fabless provider of embedded computer-on-module solutions, announced terms for its IPO on Wednesday.
The Deggendorf, Germany-based company plans to raise $60 million by offering 5.45 million ADSs (23% insider) at a price range of $10 to $12. At the midpoint of the proposed range, congatec would command a fully diluted market value of $205 million and an enterprise value of $160 million.
Another IPO in the semiconductor space, Adesto Technologies (IOTS), slashed its valuation by over 50% and raised $25 million last week; it popped 18% on its first day but has since settled to an 8% gain.
congatec Holding, which was founded in 2004 and booked $92 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol CONG. Stifel and Needham & Co. are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2015.
