Another LED player is going public. A German outfit called Novaled AG has filed its paperwork with the Securities and Exchange Commission to sell up to $200 million in American Depository Shares, with some shares being sold by the company and some by selling shareholders. No financial terms were disclosed, nor was an exchange or even a stock a ticker.
Goldman Sachs and Deutsche Bank Securities are listed as the joint book-runners; co-managers are listed as Canaccord Genuity, COMMERZBANK, Cowen & Company and JMP Securities.
The company is into R&D and commercialization of technologies and materials that enhance the performance of organic light-emitting diodes. OLEDs are solid-state devices composed of multiple thin layers of organic materials that emit light when electricity is applied to them. Novaled claims to be the only company currently licensing and selling organic conductivity doping technology and materials for use in the commercial mass production of display products in the OLED industry.
Revenues are generated primarily from the sales of the company’s proprietary materials and it outsources the manufacturing on a contract basis. Other revenues come from intellectual property licensing and consulting services.
In 2011, the company recorded revenues of €17.4 million and a first-time net profit of €3.6 million, up from revenues of €6.9 million and a net loss of €2.3 million in 2010.
Novaled was founded in 2001 as a spinoff from the Technical University and Fraunhofer Institute in Dresden, Germany. The company noted, “In September 2011, Samsung Venture Investment Corporation, or SVIC, acquired what is currently a 9.84% stake in us, which we believe validates our market position as a leading provider of customized OLED stack solutions based on organic conductivity doping technology and materials.”
See the full filing.
JON C. OGG
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