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Bain Capital’s Sensata in $569m IPO Bain Capital’s Sensata in $569m IPO

11 Mar 2010. Source: AltAssets
Sensata Technologies Inc, a maker of sensor and controls technology used by high-profile companies such as Ford and Samsung, has raised $568.8m from its initial public offering, with shares to be listed on the New York Stock Exchange tomorrow.

The private equity-backed company sold 31.6 million shares at $18, having previously hoped to sell them for $20.

Sensata will receive 83 per cent of the proceeds before fees and expenses, while owners including Bain Capital will get the rest, reports suggest.

Bain, the $65bn private equity firm, acquired a stake in Sensata in 2006 in a $3bn deal.

Despite selling below target, the IPO is said to be the largest in the US so far this year.

Moulded plastic manufacturer Graham Packaging, which US buy-out house Blackstone invested in, priced below expectations last month. The business sold 16.7 million shares at $10 a share after planning to sell at $14 to $16 per share.

Copyright © 2010 AltAssets

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