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BCD Semiconductor Manufacturing (NASDAQ:BCDS), China-based provider of analog integrated circuits, priced its IPO on the 27th of January, at the lower end of its expected range at $10.5 per ADS.

Business Overview (from prospectus)

We are a leading China-based provider of analog integrated circuits, or ICs, specializing in the design, manufacture and sale of a broad range of power management semiconductors to the large, expanding Asian electronics industry. We focus on high-volume growth segments in the computing, consumer and communications markets, such as personal computers, flat panel televisions and monitors, mobile phone chargers and a wide variety of consumer and portable electronic devices. We currently offer a diversified and expanding portfolio of over 300 products, including power management ICs within the following subcategories: linear, AC/DC and DC/DC. These products are designed to enable our end customers to reduce power consumption, extend battery life, maintain system stability and decrease the form factor of their devices. Our products have been incorporated into electronic systems sold by over 2,000 Asian OEMs and ODMs including ASUSTeK Computer, Inc., Changhong Electric Co., Ltd., Chicony Power Technology Co., Ltd., or Hipro, Emerson Electric Co., Foxconn Electronics Inc., Giga-Byte Technology Co., Ltd., Guangzhou Digital Rowa Technology Company Limited, or Rowa, Konka Group Co., Ltd., LG Electronics Inc., TP-LINK Technologies Co., Ltd and TPV Technology Limited. With in-house design and manufacturing capabilities in China, we combine our analog semiconductor expertise, proprietary process technologies, cost-effective manufacturing and operating infrastructure, and local sales and support to improve the quality and performance of our products, lower our costs and accelerate our time-to-market.

Offering: 6 million ADS at $10.5 per ADS. Net proceeds of approximately $24.5 million will be used for construction of second fab, and approximately $6.0 million for debt repayment.

Lead Underwriters: Jefferies & Co. (JEF), Stifel Nicolaus Weisel (NYSE:SF)

Financial Highlights:

Revenue increased from $73.2 million in the nine months ended September 30, 2009 to $101.3 million in the nine months ended September 30, 2010...Cost of revenue increased from $56.2 million in the nine months ended September 30, 2009 to $67.8 million in the nine months ended September 30, 2010...Operating expenses increased from $13.4 million in the nine months ended September 30, 2009 to $16.2 million in the nine months ended September 30, 2010...Research and development expenses increased from $4.4 million in the nine months ended September 30, 2009 to $5.6 million in the nine months ended September 30, 2010...Selling and marketing expenses increased from $3.7 million in the nine months ended September 30, 2009 to $5.1 million in the nine months ended September 30, 2010...Net income increased from $3.5 million in the nine months ended September 30, 2009 to $16.7 million in the nine months ended September 30, 2010...

Competitors

Our markets are highly competitive, and we face significant competition for products in each of our business areas. We compete with global analog semiconductor providers such as Advanced Analog Technology, Inc.; Diodes Incorporated (NASDAQ:DIOD); Fairchild Semiconductor International, Inc. (NASDAQ:FCS); Global Mixed-Mode Technology Inc.; Micrel, Inc. (NASDAQ:MCRL); Monolithic Power Systems, Inc. (NASDAQ:MPWR); National Semiconductor Corporation (NYSE:NSM); O2Micro International Limited (NASDAQ:OIIM); ON Semiconductor Corporation (NASDAQ:ONNN); Rohm Co., Ltd. (OTCPK:ROHCY); Power Integrations, Inc. (NASDAQ:POWI); Richtek Technology Corporation; STMicroelectronics N.V. (NYSE:STM) and Texas Instruments Incorporated (NASDAQ:TXN). We do not compete with digital semiconductor providers.

Additional Resources:

Source: BCD Semiconductor Prices IPO at Low End of Range