SkyWater Technology, a US-based semiconductor foundry offering engineering and fabrication services, announced terms for its IPO on Monday.
The Bloomington, MN-based company plans to raise $75 million by offering 5.8 million shares at a price range of $12 to $14. At the midpoint of the proposed range, SkyWater Technology would command a fully diluted market value of $498 million.
SkyWater Technology is a pure-play foundry that offers advanced semiconductor engineering and manufacturing services from its Minnesota-based fabrication facility and advanced packaging services from its Florida-based facility.
SkyWater is coming public as global economies face a chip shortage. The US administration's recently-introduced $2 trillion infrastructure proposal includes $50 billion for domestic semiconductor production and research, which the administration has deemed critical for economic and national security.
SkyWater Technology was founded in 1991 and booked $140 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol SKYT. Jefferies, Cowen and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of April 19, 2021.
