ATTLEBORO – Sensata Technologies Holding N.V. will offer 20 million ordinary shares at $24.10 each, the company announced Friday, noting the shares are being sold by its majority stakeholder Bain Capital.
“Our ability to quickly and successfully complete a secondary offering is recognition by the market of Sensata’s ability to deliver on our strategic initiatives and execute on its business and growth objectives,” said Sensata CEO Tom Wroe in an e-mailed statement. The regular offering of public shares is part of a company strategy to become more independent of Bain Capital.
Before the offering, Bain owned 135 million shares, or 78 percent, of Sensata; after the offering they will own between 65 to 67 percent of the shares depending on whether the 3 million shares arranged to cover over-allotments are sold, according to a Sensata spokesperson.
“This proposed sale of about 15 percent of their ownership marks another milestone in our transition as a public company and increases opportunities for other investors,” Wroe added.
Sensata had its initial public offering in March and sold 31.6 million shares for $18 each, which was at the low end of its asking range of $18 to $20, according to a Securities & Exchange Commission filing.
The underwriters have a 30-day option to purchase the additional 3 million shares, if there are any, Sensata said.
The joint book-running managers for the offering are: Morgan Stanley, Barclays Capital, Goldman, Sachs & Co., Bank of America, Merrill Lynch and J.P. Morgan. The acting co-managers are Citi, BMO Capital Markets and RBC Capital Markets.
The registration statement related to the offering was declared effective by the Securities and Exchange Commission on Nov. 10.
According to Yahoo! Finance, Sensata (NYSE: ST) was up 3.76 percent at 10:45 a.m.
