Sensata Technologies Files for IPO

Sensata Technologies, owned by private equity investor Bain Capital, filed for an IPO of $500 m. The company hopes to list on either the New York Stock Exchange or Nasdaq, according to the filing. Sensata, which produces sensors and industrial technology, was acquired by Bain from Texas Instruments. (TXN)
The proceeds from the offering would be used to pay down debt and for General corporate purposes. The Underwriters for the deal include Morgan Stanley (MS), Barclays Capital, Goldman Sachs (GS), Bank of America Merrill Lynch (BAC), JPMorgan Chase(JPM) Citi (C) and Credit Suisse.

Dutch company Sensata technologies founded 1916 as General Plate Company, providing gold plate to jewelers, the company is a leading supplier of electrical and electronic sensors and controls. The business became part of Texas Instruments in 1959 and operated as TI's Sensors & Controls unit before going independent in a $3 billion buyout by Bain Capital in 2006. Sensata manufactures products used in aircraft, appliances, automotive engines, climate control systems, industrial equipment, and lighting to control and regulate their operation, based on changes in air flow, pressure, temperature, and other variable conditions.