Leading semiconductor equipment company, Revasum Inc.’s CHESS Depositary Interests (CDIs) (ASX: RVS, ‘Revasum’ or the ‘Company’) will commence trading on the Australian Securities Exchange (ASX) following the successful completion of its Initial Public Offering. Revasum raised A$30.7 million through the issue of 15.4 million CDIs over common shares at A$2.00 per CDI for an undiluted market capitalisation of A$153.0 million at the offer price.
The IPO was fully underwritten by Moelis Australia and Shaw and Partners, and was well supported by both institutional and retail investors. Demonstrating the investor appetite for the Company’s leading technology, highly regarded institutional investors including Perennial Value Management, Washington H. Soul Pattinson and Acorn Capital have all invested in Revasum at the IPO.
US based technology venture capital investor, Firsthand Venture Investors, which has backed the Company since incorporation, will hold 70.4 percent of Revasum’s common stock on listing and did not sell down any of its holding into the IPO. Key Revasum Management will own approximately 14.7 percent of the Company (on a fully diluted basis) following the listing.
Commenting on the Company’s listing, Revasum President and Chief Executive Officer Jerry Cutini stated, “We are extremely proud to become an ASX listed company and to have attracted the support of so many highly successful Institutional Investors. The capital they have provided the Company will allow Revasum to continue its aggressive R&D efforts, supporting the rollout of new products in 2019 and beyond. The IPO is a key inflection point for the Company’s growth and we look forward to delivering on our Prospectus forecasts.”
Revasum designs and manufactures a variety of sophisticated systems that its customers use as part of the manufacturing process for semiconductor devices. Devices produced using its equipment include microchips, sensors, LEDs, RF devices and power devices which are commonly found in electronic systems and products people may use every day, including automobiles, mobile phones and the countless connected electronic devices referred to as the “Internet of Things” (IoT). Revasum’s customers are some of the leading technology providers to these end markets, and Revasum is well positioned to continue to expand its footprint in these fast-growing segments of the global semiconductor market.
Revasum is pleased to announce that it has been selected as a supplier and strategic partner to a major semiconductor manufacturer for its new single-wafer Silicon Carbide (SiC) program. Revasum will supply grinding and polishing systems to support this customer’s important strategic initiative in Silicon Carbide. The Company believes that its selection as a partner by such a leading semiconductor manufacturer is a powerful endorsement of its technical expertise. Having capabilities in SiC wafer manufacturing is critical as this is a future growth market in the wafer industry. Silicon Carbide is a compound substrate material with unique electrical and thermal properties for use in applications such as hybrid and electric vehicles, power management and communications devices. This is an important milestone in supporting Revasum’s vision to be a leading equipment supplier for the production of Silicon Carbide semiconductor devices.
Revasum confirms that it is on track to deliver its Prospectus revenue forecasts for the 6-month periods to December 31, 2018 and June 30, 2019. 100 percent of forecast system revenue for the 6 months to December 31, 2018 has either been shipped, or is under purchase orders (with deposits paid) and due to be shipped, prior to December 31, 2018.
Revasum is also pleased to advise that 63 percent of system revenue for the 6 months to June 30, 2019 is now under confirmed purchase orders, having increased from approximately 50 percent at the date of the Prospectus, being November 9, 2018. The Company is pleased with this progress and is in active discussions with a range of customers that it expects to place orders.
The Safe Harbor Statement contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding expected events, including expected revenue and earnings, system shipments, expected product offerings, product development, market adoption and technical advances. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and information currently available to management and are subject to a number of factors and uncertainties, many of which are outside the control of the Company, which could cause actual results to differ materially from those described in the forward-looking statements. The Company’s management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date they are made. Revasum does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the ASX Listing Rules. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections.
Revasum (ARBN: 629 268 533) manufactures market-leading wafer processing equipment for the global semiconductor industry at 200mm and below. Its portfolio of production proven, reliable CMP, grinding and polishing equipment supports device and substrate producers in critical growth markets including IoT, 5G, and automotive. Revasum’s products serve a broad range of market segments such as silicon, silicon carbide, power, RF communications, LED, MEMS, semiconductor and other mobile applications. Revasum’s equipment and processes are designed and developed in close collaboration with its customers. As a result, each system meets or exceeds customer’s requirements for quality, performance, and cost. For more information, revasum.com.