IPO FILING: Rubicon Technology, Inc. (RBCN)

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Rubicon Technology, Inc. has filed to come public and raise up to $100 million via an IPO under the ticker "RBCN" on NASDAQ.  UBS Investment Bank has been keyed as the lead underwriter and book-runner, and co-managers are listed as Canaccord Adams, CIBC World Markets, and Janney Montgomery Scott.

Rubicon is an advanced electronic materials provider that is developing, manufacturing and selling monocrystalline sapphire and other innovative crystalline products for Light-Emitting Diodes (“LEDs”), radio frequency integrated circuits (“RFICs”), blue laser diodes, optoelectronics and other optical applications.

The emergence of sapphire in commercial volumes at competitive prices has enabled the development of new technologies such as high brightness (“HB”) white, blue and green LEDs and highly-integrated RFICs.  The company stated that it believes it is the leading supplier of sapphire products to the LED industry.

2006 revenues were $20.752 million, and a loss before accounting changes of $4.147 million.  Its net loss for 2006 after dividends and accretion of redeemable preferred stock was $36.619 million.  As far as how it is growing now, its six-month end from 2006 showed revenues of $8.95 million and the first six-months of 2007 showed revenues of $15.448 million.  The company did manage to post $1.866 million in income from operations for the first six-months of 2006, although those accounting changes and preferred accretion caused an attributable loss of $22.992 million to shareholders.

Jon C. Ogg
September 5, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he produces the 24/7 Wall St. Special Situation Investing Newsletter and he does not own securities in the companies he covers.