Verigy Ltd. announces initial public offering

15-Jun-2006

Verigy Ltd. announced its initial public offering of 8.5 million shares of common stock, priced at $15.00 per share. Verigy, the semiconductor test business recently separated from Agilent Technologies Inc., will be listed on the NASDAQ National Market under the ticker symbol VRGY. Goldman, Sachs & Co. acted as lead manager; Credit Suisse Securities (USA) LLC acted as co-lead manager; and SG Cowen & Co. LLC and Thomas Weisel Partners LLC acted as co-managers.

All of the shares are being sold by Verigy Ltd. The company has granted the underwriters an option to purchase an additional 1,275,000 shares to cover over-allotments, if any. The offering is expected to close on June 16, 2006.

After the offering, Verigy will have approximately 58.5 million ordinary shares outstanding, with Agilent owning approximately 85.5 percent of those shares. Agilent has announced that it plans to distribute the Verigy ordinary shares it holds to the holders of Agilent's common stock by October 31, 2006, the end of its fiscal year. The exact distribution formula and record date to qualify for the distribution will be determined at a future date.

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