A Coming Bruker Superconductor IPO (BRKR, ESCT)

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There is a rather interesting IPO filing this morning from Bruker Energy & Supercon Technologies, Inc. Bruker Corporation (NASDAQ: BRKR) is the controlling shareholder and is going to be offering shares along with the company.  For filing purposes, the size of the IPO is up to $100 million.

The company has filed to take the stock ticker “ESCT” on NASDAQ.  Lead underwriters are listed as Jefferies & Company and UBS Investment Bank; and co-managers are listed as Needham & Co. and Gleacher & Co.

Bruker EST is a superconducting technology and enabling tools company that makes materials and devices for growing markets in renewable energy, energy infrastructure, healthcare and what it calls “big science” research.
This company is a subsidiary of Bruker Corporation (NASDAQ: BRKR), which generated $1.1145 billion in 2009 revenues with operating income of $136.7 million and net income applicable to holders of $81.2 million.

For a comparison, the Bruker EST unit generated $60.1 million in 2009 revenue. As of June 30, 2010, the unit’s backlog was $100.7 million and it recently acquired the research instruments business of ACCEL Instruments GmbH from Varian Medical Systems, Inc. in April 2009.

Bruker Corporation (NASDAQ: BRKR) was trading up 5.1% at $13.23 in late morning trade.  The parent market cap is $2.18 billion and the 52-week trading range is $9.17 to $15.85.

JON C. OGG