Synaptics Raises $55 Million in IPO
NEW YORK, Jan 28 (Reuters) – Synaptics Inc. (NasdaqNM:SYNA - news), a notebook computer technology company, late on Monday raised $55 million dollars, according to lead underwriter Bear, Stearns & Co. (NYSE:BSC - news).
Synaptics was the first U.S. company to go public this year, breaking a six-week lull in the IPO market.
Synaptics, based in San Jose, California, sold 5 million shares at $11 each, within the expected range of $9 to $11 each. The price gave Synaptics a market value of $250.8 million based on 22.8 million shares outstanding.
Synaptics makes touch-sensitive pads that move computer cursors. In its fiscal year ended June 30, 2001, it supplied 61 percent of the touch pads used in notebook computers throughout the world, it said. Its customers include the world's top notebook computer makers.
The company had fiscal 2001 sales of $73.7 million and a profit of $810,000.
Synaptics' stock is scheduled to debut on the Nasdaq Stock Market on Tuesday under the symbol "SYNA."