Rubicon files for $100m IPO
The maker of sapphire substrates for LEDs plans to raise to fund its planned capacity expansion.
Rubicon Technology Inc, a manufacturer of monocrystalline sapphire material, wafers, and components, has filed a registration statement with the US Security and Exchange Commission (SEC) for an initial public offering on NASDAQ, aiming to raise up to $100 million.
Sapphire is the most commonly-used material employed as the substrate wafer in the epitaxial growth of LED device structures. The company's main product line is 2-4 inch-diameter sapphire wafers for LEDs and blue laser diodes. Founded in 2000, Rubicon has raised nearly $44 million in venture capital funding since 2001.
Rubicon's revenue was $15.45 million in the first half of 2007. Due to "explosive" growth in the LED market and increasing demand for large-diameter sapphire wafers, Rubicon announced in May its plans to expand its manufacturing capacity (see Rubicon Technology increases sapphire manufacturing capacity).
Read the full story on the Semiconductor Today website.