Power-One Hopes to Raise $54.8 Million in IPO

Power-One Inc., a Camarillo-based producer of power supplies for electronic-equipment manufacturers, plans to sell 5 million common shares in an initial public offering, raising as much as $54.8 million. Power-One filed with the Securities and Exchange Commission for the first-time stock sale, saying it plans to sell the shares at $11 to $13 each. The company will use the proceeds to repay debt, pay several of its executives and fund the redemption of preferred stock after the offering, the SEC filing said. The proceeds also will be used for general corporate purposes, including capital expenditures, working capital and possible future acquisitions. For the six months ended June 30, the company reported net income of $2.6 million, compared with $2 million in the year-earlier period. After the offering, new investors will own 30.4% of the company’s outstanding shares; current shareholders will retain a 69.6% stake. The company will have 16.45 million shares outstanding after the offering.