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Billerica’s Nexx Systems Inc., which makes processing equipment for flip chip and advanced packaging applications for chip makers, is looking to raise $42 million in an initial public offering, capping off a year in which the company has grown by 40 percent, executives have said.
According to a filing with the U.S. Securities and Exchange Commission, NEXX has chosen CIBC and Canacord Adams as underwriters for the offering.
As part of the IPO, Nexx will undergo a capital reorganization, officials note in the filing, that include a 10 for 1 reverse stock split.
Nexx Systems has raised a total of $33.15 million over the course of four venture capital funding rounds. The most recent round was in November 2009, which brought in $4 million in Series D funding in a round that CFO Stan Piekos said could reach $8 million. Enterprise Partners of La Jolla, Calif., holds 36.33 percent of Nexx, and Boston-based Sigma Partners owns 29.89 percent.
Nexx Systems has expanded to 84 employees, most of which are in Billerica, Piekos said in November. The company also has operations in Singapore and Taiwan. While the company plans to continue its growth, the latest funding won’t necessarily go toward adding staff, Piekos said, mainly because the company doesn’t need it to.
In October 2008, Nexx Systems named 20-year semiconductor market veteran Tom Walsh as its new president and CEO, replacing Richard Post, who continues to serve as chairman of the board.
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