SunEdison Semiconductor is leader in the development, manufacturing and sale of silicon wafers to the semiconductor industry. The business was established in 1959 and was known up until only recently as MEMC Electronic Materials. This was not in our Top 10 IPOs to Watch in 2014, but it was a runner-up.
This company has been housed as a semiconductor wafer giant as well as a maker of wafers for PV cells in solar, so this will mark the final separation once it comes public. SunEdison Semiconductor has applied to list its shares on the Nasdaq Global Select Market under the SEMI stock ticker. That $250 million listed in the filing may rise or shrink, depending on market conditions. As far as the SunEdison of today, with both companies included, the total market cap is $5.74 billion.
The top underwriters so far are listed as Deutsche Bank Securities, Goldman Sachs and Wells Fargo Securities. A separate piece of news was released on Thursday that the company announced it was conducting a private placement of shares to Samsung.
SunEdison Semi’s top 10 customers by net sales for 2013 are listed alphabetically: Global Foundries, Infineon Technologies, Intel, Micron Technology, NXP Semiconductors, Powerchip Technology, Samsung, STMicroelectronics, Taiwan Semiconductor Manufacturing Company (TSMC) and United Monolithic Semiconductors. The filing shows that during 2013, its largest customers were Samsung, TSMC and STMicroelectronics.
As far as income/losses and sales, the company stated:
We generated net sales of $920.6 million, $934.2 million and $1,198.3 million, net (loss) income attributable to SSL of $(57.7) million, $121.3 million and $(557.9) million and Adjusted EBITDA of $74.6 million, $74.9 million and $170.2 million, in 2013, 2012 and 2011, respectively.
For a comparison of the total operations, SunEdison as a whole generated 2013 sales of $2.007 billion, and its loss attributable to shareholders was $586.7 million. In 2012, those figures were $2.529 billion in revenue and a loss of $150.6 million.
This will be a big event for SunEdison because this separation has been a long time in the making. On top of that, the current $21.48 price compares to a 52-week range of $3.95 to $21.93.
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