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N-Trig Touchscreen Digital Pens Looking at $20 Million TASE IPO

N-Trig

Israeli Startup N-Trig which produces digital pens and chips for touchscreens, has announced plans for an IPO in which it hopes to raise $20 million. This is a third less than the $30 million that the company had previously said it expected to raise.

The company will offer its shares on the Tel Aviv Stock Exchange and it projects a total valuation of $80 million, down one third from the previous anticipated valuation of $120 million. N-Trig was valued at $75 million when it last raised new investments privately back in February.

With its patented DuoSense integrated pen and touch technology, N-trig provides high performance controllers and a variety of active pen types for touch enabled smartphone, tablet and Ultrabook devices.

The company declares that its active pen solutions are designed to provide a natural pen-on-paper feel while enhancing the overall creativity and productivity of touch enabled devices. Advanced pressure sensitivity enables a natural pen writing appearance in digital input. The company says that, “N-trig’s controllers bring a superior palm rejection feature that ensures no unintended touch events occur when using the active pen for writing on a screen, providing the write experience.”

In 2013, N-trig reported revenue of $36.7 million which constituted an increase of 38% from the previous year. For the first half of 2014 the company has declared a total revenue of $20.6 million. It sold 1.3 million digital pens during that period, more than three times the amount it sold in the first half of 2013.

It had a gross profit margin of 40% in 2013 after it changed its business model in 2011 to focus on selling chips for touch screens and digital pens. But N-trig posted an operating loss of $5.1 million for the first half of 2014. The company lost $8.56 million in 2013.

A highlight for the company came in August when Microsoft Corp, which owns 6.1 percent of the company, signed a deal to integrate N-trig’ s pen in its Surface Pro 3 tablets.

While the company filed a prospectus for the IPO, it did not reveal the details.

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