All shares are being sold by existing shareholders and the underwriters have a 30-day option to purchase up to an additional 3,750,000 ordinary shares from certain shareholders, to cover over-allotments. Avago will not receive any proceeds from this offering.
Revenues were $257 million and lower than the firm’s targets mainly due to lower sales to LED component distributors in Asia. On the positive side, the share price has climbed from $48 to $62, a 29% increase, since the firm’s financial announcement last quarter.
With over 20 years of experience in the semiconductor and photovoltaic equipment sectors, Dirk Stenkamp hopes to advance cost-efficient, prompt and high-volume production and provision of new product generations. He also hopes to strengthen Europe’s position as a globally leading region for high-end and high-quality equipment.
The firm’s SST-50 big-chip LEDs are being deployed in the military and emergency services and are claimed to be superior to the traditional high intensity discharge lamps being used in today’s reflection systems.
This confirms the readiness for large-scale deployment of solar farms in the MENA Region. The company's technology, which is designed for use by large-scale solar power plants in hot and arid regions, is claimed to provide the highest efficiency.