NPTest delayed its planned IPO because securities-market conditions were unfavorable and investors lacked confidence, particularly in semiconductor equipment. The company withdrew the offering in June 2003, but that was not the end of the story: NPTest later priced an IPO in December 2003.
What was NPTest?
NPTest was Schlumberger’s semiconductor automatic test equipment business, formerly called Schlumberger Semiconductor Solutions. It supplied test and diagnostic systems and engineering services to semiconductor companies, according to a 2004 SEC-filed transaction document: SEC-filed transaction document.
Why was the IPO delayed?
NPTest had expected to pursue an IPO in the third quarter of 2002, but delayed the plan while it waited for more favorable market conditions. In June 2003, the offering was withdrawn. EDN attributed the decision to securities-market conditions: EDN’s report.
Schlumberger’s official Q&A gave a more specific explanation, saying it was waiting for investor confidence to return, especially in the semiconductor-equipment sector: “However we are intent on waiting until investors regain confidence in the market in general, particularly the semiconductor equipment sector.” The answer was published without a named individual speaker: Schlumberger’s official Q&A.
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IPO and sale timeline
| Date | Development |
|---|---|
| Third quarter of 2002 | Original expected timing for NPTest’s IPO; the plan was delayed pending better market conditions. [c001] |
| June 2003 | NPTest withdrew the offering, citing market conditions and investor confidence. [c001] [c003] |
| June 24, 2003 | Schlumberger agreed to sell the business for $220 million cash to an investor group led by Francisco Partners and Shah Management. [c002] |
| December 11, 2003 | NPTest Holding Corp. priced an IPO of 14.6 million shares at $12 each, with Nasdaq trading expected under the symbol NPTT. [c004] |
The sale agreement followed the June IPO withdrawal by one day, according to the Los Angeles Times report published June 25, 2003: Los Angeles Times/Bloomberg report. The report described NPTest as having about 900 employees and $230 million in 2002 revenue, down 47% from 2001.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did NPTest eventually go public?
Yes. After the June withdrawal and sale agreement, NPTest Holding Corp. priced a public offering on December 11, 2003: 14.6 million shares at $12 per share, with expected Nasdaq trading under NPTT, as reported by EE Times: EE Times IPO report. The June withdrawal was therefore a pause in the IPO story, not its permanent conclusion.
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