Sensata Tech Completes $569M IPO
Attleboro, MA-based Sensata Technologies says it begins trading on the New York Stock Exchange today after completing its initial public offering yesterday at $18 per share. The IPO was priced at the low end of the proposed $18 to $20 range. Yet the 31.6 million shares sold in the maiden offering raised a total of $568.8 million. Sensata Technologies (NYSE:ST), a maker of sensors for the auto industry as well as switches and controls for lighting and heating systems, is incorporated in The Netherlands but has its headquarters in Massachusetts. The Sensata business, which has roots that date back to 1916, is a former unit of Texas Instruments that was purchased in a leveraged buyout led by Boston-based Bain Capital in 2006.