Micron-backed Silvaco rises in debut after top-end IPO pricing

Silvaco

09/05/2024 17:29

** Chip design software co Silvaco Group Inc  SVCO.O  rises
>10% in Nasdaq debut on Thurs after IPO prices at high end of
expectations
    ** SVCO opens at $21 vs $19 IPO price, rises as much as
13.6% to $21.59. Stock last up 4.5% at $19.85
    ** Silvaco offered 6 mln shares after deal marketed at
$17-$19 for $114 mln raise
    ** At IPO price, co valued at about $540 mln based on ~28.5
mln total shares outstanding cited in SEC prospectus filing
    ** Founded in 1984, Silvaco competes against larger firms
including Synopsys Inc  SNPS.O  and Cadence Design Systems
 CDNS.O 
    ** Silvaco in 2023 grew rev ~17% to $54 mln and posted
operating profit of $1.1 mln
    ** Co last month expanded its partnership with Micron
Technology  MU.O  for development of AI-based solution named fab
technology co-optimization (FTCO)
    ** As part of that agreement, Micron bought $5 mln
convertible note that converted into roughly 311,000 shares upon
the IPO
    ** Jefferies and TD Cowen jt bookrunners for the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))