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The IPO pipeline hasn’t completely closed down. Stanford Microdevices Inc., a Sunnyvale, Calif.-based supplier of radio frequency components used in wireless communications equipment, raised $48 million in its initial public offering of 4 million shares. The shares, priced at $12 on May 24, closed at 15 3/4 in the first day of Nasdaq trading, and at 18 5/8 a week later. Despite the recently shaky market for equities in general and IPOs specifically, the vaulting stock price came as little surprise to Steven Bernard, a partner in the Palo Alto, Calif., office of Wilson Sonsini Goodrich & Rosati who represented Stanford Microdevices in the IPO. “It’s no secret that a lot of IPOs are on hold right now because of the current market. Fewer and fewer deals getting done,” said Bernard. But unlike many of the Internet start-ups waiting to go public, Stanford Microdevices has a multi-year track record of profitability and has been in operation since 1985, said Bernard. “Unlike an Internet company, with the exception of 1999, Stanford Microdevices has been profitable since [at least] 1995,” he said, citing an SEC report. Counting Stanford Microdevices’ IPO, Wilson Sonsini has assisted its clients in raising $9.1 billion through public offerings this year to date. Bernard cited the strong working relationship with Stanford Microdevices extending beyond five years as the reason the company chose Wilson to handle the offering. At the close of the IPO, the major shareholders included Stanford Chairman John Ocampo, treasurer Susan Ocampo and entities affiliated with venture capital firm Summitt Partners. Stanford Microdevices plans to use the proceeds from the IPO for working capital and general corporate purposes. Partner Steven Bochner led the legal team of Bernard and associates Susan Krause, Sacha Ross and Gali Schaham in Wilson’s Palo Alto office. On the underwriters’ side, a team of attorneys from Morrison & Foerster’s Irvine, Calif., office represented Deutsche Banc Alex. Brown, Banc of America Securities Inc., CIBC World Markets and Robertson Stephens. The team included partners Robert Mattson Jr. and Tamara Tate and associates Craig Mordock and Brandon Parris.

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