SMART Technologies (NASDAQ: SMT, TSX: SMA) has raised over $660 million in its IPO by selling 38.8 million shares. The company priced its Class A shares at $17 per share, within its expected range. Apax Partners owned 51.4% of the Class A shares prior to the offering and planned to reduce that stake to only 3.3% while holding onto the majority of its Class B shares, reducing its 46.7% stake to 43.8%. Morgan Stanley, Deutsche Bank and RBC led the underwriting.
There have been 124 PE deals in the U.S. electronics industry since the beginning of 2007, according to the PitchBook Platform. Deal activity has declined over recent years and the trend seems likely to continue through this year. There were 57 completed or announced deals in 2007, 32 in 2008, 27 in 2009 and only 8 so far this year. Several of the target companies, 23, are headquartered in California. Other popular locations are Massachusetts (9), New York (9) and Texas (7). During the same time period, 105 investors invested in the industry, the most active including Audax Group with 4 deals and Bain Capital, Sun Capital Partners and Golden Gate Capital with 3 deals each.