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Richard Clemmer talks about NXP's IPO

Posted: 11 Aug 2010 ?? ?Print Version ?Bookmark and Share

Keywords:IPO? fab? stock market? Nasdaq?

EE Times: How has the offering been received by investors?

Clemmer: The stock is being received quite well. The interest that we had from institutional as well as retail investors was clearly significant and encouraging. We have to see how trading develops. Clearly, the overall environment with the [loss of U.S.] jobs report isn't necessarily creating a conducive atmosphere for a price increase at the current time. Offering the shares at the price we did gives our shareholders a solid base to improve from.

EE Times: Are the underwriters taking NXP up on its offer for them to buy 5.1 million additional shares at the offer price?

Clemmer: I think they are interested in doing that. To be truthful, we have been reluctant to offer more shares at the reduced price. After the bond transaction that we did a few weeks ago, which allowed us to move our maturities out to 2018 we decided to reduce the size of the IPO because of the current pricing situation. The offering is clearly at the low end of any expectations.

EE Times: It's a tough time to do an IPO. Was it the conclusion of the board of directors that you had to do this now?

Clemmer: We are still in the redesign process. We still have about $250 million to $300 million in savings to be implemented. So, we would like our new shareholders to be able to take advantage of the additional cost savings so that they get the benefits of the improved value and the significant growth in design wins that we have, which would yield us improved revenue growth.

EE Times: You joined NXP to see the company through some of its difficulties. Is your job done and are you going to be leaving soon following the IPO?

Clemmer: I am completely committed to ensure we drive success in high-performance, mixed signal ICs. At least for the foreseeable future I will continue in the current role.

EE Times: Are the underwriters taking NXP up on its offer for them to buy 5.1 million additional shares at the offer price?

Clemmer: I think they are interested in doing that. To be truthful, we have been reluctant to offer more shares at the reduced price. After the bond transaction that we did a few weeks ago, which allowed us to move our maturities out to 2018 we decided to reduce the size of the IPO because of the current pricing situation. The offering is clearly at the low end of any expectations.


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