Verigy Expects $16 to $18 Per Share for IPO

Verigy, a wholly owned subsidiary and spin-off of Agilent, has set its initial
public offering at 8.5 million ordinary shares with a price of $16 to $18, according
to Reuters.
Agilent will own about 50 million ordinary shares or 85.5 percent, after the
IPO. Verigy told Reuters it expected to receive about $134 million in net proceeds
of from the IPO. The funds wll reportedly go towards repaying debt, general
corporate purposes, and paying costs from the separation from Agilent. Verigy
reported that for the three months ended Jan. 31, its net loss narrowed to $16
million from $45 million a year earlier, while revenue jumped to $170 million
from $79 million. Assuming the offering price is in the expected range of $16
to $18, the company will have an initial market capitalization of between about
$934 million and $1.053 billion. Verigy intends to list its stock on the Nasdaq
under the symbol “VRGY.”

In other company news, Robert J. Nikl will become company CFO June 20. He previously
served as senior vice president and CFO of Fremont, California-based semiconductor
manufacturing equipment maker Asyst Technologies Inc.