FLANDERS, N.J. – Rudolph Technologies Inc., a metrology systems company, went public November 12, offering 4.8 million shares at $16 apiece. The company’s stock priced well above its $12 to $14 filing range.
BancBoston Robertson Stephens & Co., Bear, Sterns & Co. Inc. and CIBC World Markets underwrote the offering, which left 13.9 million shares outstanding.
There were no selling shareholders. Liberty Capital Partners Inc. and Riverside Partners Inc. were venture backers.
The company makes process control metrology equipment for semiconductor manufacturers, including systems for metals and films and for 200mm and 300mm wafers. Rudolph’s metrology products help chip makers improve yields and cut production costs.
The $70.6 million in proceeds expected from the IPO will be used to repay loans and for general corporate purposes, including the possible acquisitions of complementary businesses, products and technologies.
Rudolph Technologies lost $1 million in 1997 and $14.1 million in 1998.
David Belluck and Paul Craig, general partners at Riverside Partners, along with Stephen Fisher and Carl Ring, partners at Liberty, joined the company’s board of directors in June 1996.
Rudolph Technologies – Selected Financial
(in thousands, except per share data)
Nine Months Ended
Year Ended December 31 September 30
1996 1997 1998 1998 1999
Total revenue 31,874 35,339 20,106 14,725 25,220
Net income (loss) -11,101 -1,001 -14,078 -8,202 170
Net loss per share -0.56 -3.24 -2.31 -0.04