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IPO Roundup: Entegris, Turkcell and ASAT fail to impress

Entegris (Nasdaq: ENTG), which makes semiconductor and disk drive materials management products, closed up 3/16 to 11 3/16 in its initial public offering Tuesday.

The company priced 13 million shares at $11 each Tuesday, well below the original $15-17 range, which was lowered to $13-15.

"It could still see some support," Kenan Pollack of IPO Central said of the offering, which was put off from last week.

The company is profitable; for the fiscal year ended August 31, 1999, the company reported a net income of $13.1 million on sales of $241.9 million, as opposed to an income of $5.7 million on sales of $266.5 million in 1998.

The company's main distributor, Metron Technology, accounts for about 14 percent of sales. Entegris also has some other big name customers, including Applied Materials Nasdaq: AMAT), IBM (NYSE: IBM), Intel (Nasdaq: INTC), Texas Instruments (NYSE: TXN) and Infineon (NYSE: IFX).

The company's competitors include companies such as Kakizaki, Dainichi and Asyst Technologies (Nasdaq: ASYT) and 3M (NYSE: MMM).

Merrill Lynch is the deal's lead underwriter, co-managers include Donaldson Lufkin and Salomon Smith Barney.

Among other IPOs ready to trade Tuesday:

  • Turkcell (NYSE: TKC) closed up 3/128 to 17 5/8 after it priced at $17.60 per American Depositary Receipt (ADR), and is now expected to raise about $1.7 billion in its Tuesday debut.

    "It’s a great change to play the Turkey market," said Pollack. He said that though that market isn’t as big as India's or China's, the deal could do well, considering the interest in overseas and wireless offerings.

    The deal, which was underwritten by big name brokerages Morgan Stanley and Goldman Sachs, priced its ADRs within the expected range of $16.49 to $20.07.

    Turkcell is a partnership between Turkey's Cukurova Holding and Finnish telecom operator Sonera.

  • Another overseas offering, ASAT Holdings Ltd. (Nasdaq: ASTT), fell 1 to 11 in its debut. The Chinese semiconductor assembly and testing services provider, priced at $12 per American Depository Share, in the middle of its expected price range of $11-$14 per ADS.

    Chase H & Q, Donaldson Lufkin & Jenrette and Salomon Smith Barney all served as underwriters for the deal.
    • IPO Insider >