In this week’s issue of Private Equity Week, Jim Jones of Scale Venture Partners says that the IPO of Memsic is an indication of the maturity of the MEMS market. Scale isn’t an investor in Memsic, but the venture firm has four companies in its portfolio that are MEMS-related.
Interest in MEMS is being driven in part because the sensoring technology is what allows the iPhone and the iPod Touch to orient the screen when users turn it. And MEMS is what allows the Wii handheld controllers to work.
Last week, Memsic, which has filed to go public on the Nasdaq under the symbol MEMS, set its terms for its IPO. The company expects to sell 6 million common shares at between $11 and $13 per share. It would have an initial market cap of approximately $294 million.
Canada’s Celtic House Venture Partners (with a 16.1% pre-IPO stake) and The Still River Fund (15.7% pre-IPO stake) are the company’s two largest investors.