Ichor Holdings has filed a form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 5.75 million shares in the range of $12 to $14 per share, with an overallotment option for an additional 862,500 shares. At the maximum price, the entire offering is valued up to $92.575 million. The company also intends to list its shares on the Nasdaq under the symbol ICHR.
The underwriters for the offering are Deutsche Bank, Cowen, Stifel, RBC Capital Markets and Needham.
This company is a leader in the design, engineering and manufacturing of critical fluid delivery subsystems for semiconductor capital equipment. Its primary offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices.
Its gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. The chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as electroplating and cleaning.
Ichor also manufactures certain components for internal use in fluid delivery systems and for direct sales to customers. This vertically integrated portion of its business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively.
In the filing the company detailed:
We grew our sales by 16.7% from $249.1 million in fiscal 2014 to $290.6 million in fiscal 2015, and by 21.2% from $226.3 million in the nine months ended September 25, 2015 to $274.3 million in the nine months ended September 23, 2016. We generated net income from continuing operations of $5.8 million in fiscal 2014, $12.8 million in fiscal 2015, $12.8 million in the nine months ended September 25, 2015 and $12.8 million in the nine months ended September 23, 2016. We generated adjusted net income from continuing operations of $11.7 million in fiscal 2014, $20.2 million in fiscal 2015, $17.9 million in the nine months ended September 25, 2015 and $22.0 million in the nine months ended September 23, 2016.
The company intends to use the net proceeds from this offering to repay its debt, with the remainder going toward working capital and general corporate purposes.