Two profitable and growing technology companies are expected to price their IPOs tonight: Convio (CNVO), a provider of on-demand marketing software tailored for nonprofit organizations, and Alpha and Omega Semiconductor (AOSL), a leading supplier of power management chips.
Alpha and Omega plans to raise $91 million by selling 5.1 million shares at a range of $17-$19 per share. At the $18 midpoint, the company will command a market capitalization of $442 million and an enterprise value of $328 million (netting out post-IPO cash of $114 million). Founded in 2000 by a trio of engineers from power chip company Siliconix, Alpha & Omega is a fast-growing supplier of chips that improve power efficiency and extend battery life in products such as notebook PCs, flat panel displays, mobile battery packs and digital cameras. For the six months ended December 31, 2009, sales grew by 40% to $139 million while adjusted net income rocketed 528% to $20 million. Momentum spilled over into the three months ended March 31, 2010, with revenue hitting $78 million (+21% sequentially and +187% year/year) and net income jumping to almost $10 million versus a year ago loss. The company plans to list on the NASDAQ. Deutsche Bank Securities, Piper Jaffray, Thomas Weisel and Caris & Company are underwriting the offering.
Convio plans to raise $56 million by offering 5.1 million shares at a price range of $10-$12; at the mid-point of the proposed range, Convio will command a market value of $179 million. The Austin, TX-based company, which was founded in 1999, booked $63 million in sales last year, up 11% from $57 million in 2008. The software provider had previously filed for an IPO in August 2007 before withdrawing the deal in August of the following year, citing unfavorable market conditions. Convio plans to list on the NASDAQ under the symbol CNVO with Thomas Weisel Partners and Piper Jaffray acting as lead underwriters on the deal.
