Cypress Unit Files for IPO
Cypress Semiconductor's
(CY) - Get Cypress Semiconductor Corporation Report
SunPower
unit filed late Thursday to raise $100 million in an initial public offering.
SunPower, which makes silicon solar cells that convert sunlight into electricity, was bought by Cypress in 2002 and has been a
primary reason for Cypress' stock running to $15, a 15-month high. Shares started the year at $11.41.
Cypress
announced in April that it wanted to spin out SunPower in an IPO. Those plans became more official Thursday when SunPower filed the IPO documents with the
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SEC
.
The IPO will be for two classes of stock, with Cypress holding the Class B stock, which carries majority voting rights. The stock will trade on the
Nasdaq
under the ticker symbol "SPWR."
The number of Class A shares to be offered and the sale's timing weren't specified. Cypress had previously projected a SunPower IPO in the fourth quarter.
Proceeds that go to SunPower will be used for manufacturing capacity expansion and general corporate purposes.
Cypress shares closed the regular session up nominally at $14.98.
